RadioShack hires former Treasury adviser Wilson to help with its turnaround efforts

MarketsAssociated Press

RadioShack has hired former Treasury Department adviser Harry J. Wilson to help with its turnaround efforts.

The struggling consumer electronics retailer said Wednesday that Wilson will serve as chief revitalization officer, reporting to its board and CEO Joe Magnacca.

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Wilson is the founder and CEO of The Maeva Group. He previously served as a senior adviser in the Treasury Department and was a senior member of the Auto Task Force, which was responsible for the Treasury's role in the restructuring of General Motors and Chrysler.

RadioShack warned in September that it might need to file for Chapter 11 bankruptcy protection as it struggles to compete with online retailers.

Shares of RadioShack Corp., which is based in Fort Worth, Texas, rose 1 cent to $1 in afternoon trading.