Shares of Radio Shack skyrocketed on Wednesday making it TheStreet's Move of the Day. The electronics retailer is reportedly in talks with shareholder Standard General for rescue relief funds, which would help it avoid a Chapter 11 bankruptcy filing. The small-cap has been struggling to turn the company around as sales plunged. In its most recent May-ended quarter, Radio Shack reported a net loss of nearly $100 million as same-store sales toppled 14%. The hedge fund, which has also been helping American Apparel avoid bankruptcy, will reportedly secure RadioShack’s cash position by issuing debt or equities.
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