As RadioShack and American Apparel struggle in the throes of financial recalibration, an under-the-radar hedge fund has emerged as perhaps their last hope for salvation, the New York Times reported today. Standard General has landed squarely at the center of two of this year’s most visible corporate turnaround efforts in retailing. The hedge fund struck an unlikely alliance this summer with Dov Charney, the public face and founder of American Apparel, and now holds substantial leverage in determining the retailer’s future. And this month, Standard General inserted itself more deeply into the affairs of a far more troubled retailer, RadioShack, signing a deal that could give it and its partners up to 80 percent of the company’s shares next year. Just a few months ago, few even on Wall Street, let alone the shoppers at those retail brands, had even heard of Standard General. The firm, which manages a little more than $1 billion in assets, was previously known only to media specialists as a behind-the-scenes player in a series of TV broadcasting deals.
