FORT WORTH, Tex. — Joe Magnacca is stepping down as chief executive officer of RadioShack Corp. The disclosure was made Wednesday in an internal memo and comes the day after a bankruptcy judge in Wilmington, Del. approved the sale of more than 1,700 stores to New York hedge fund Standard General.
Magnacca was formerly the executive vice president and president of daily living products and solutions at Walgreen Co. He was tapped in 2013 to lead a turnaround effort at RadioShack, where he quickly instituted some of the similar merchandise and physical store enhancements he used at Duane Reade. Duane Reade’s transformation under Magnacca helped gain the attention of Walgreens, which bought the drugstore chain in 2010.
Unfortunately, the effort was not enough to change consumer perceptions of the struggling RadioShack. RadioShack’s bankruptcy plan calls for Sprint to operate dedicated “store within a store” shops in most of the locations acquired by General Wireless, a newly formed affiliate of Standard General LP.