That's because despite refreshed stores and updated, more on-trend products, RadioShack is facing one fundamental issue that's preventing its recovery—it's failed to get the message out to shoppers that things are any different.
"If you go into the remodeled [stores], the product assortment is good, but nobody knows about it," Wedbush analyst Michael Pachter said. "We all think RadioShack is the same as it's always been."
Time is running short. According to B. Riley & Co. analyst Scott Tilghman, the company's credit facility has a springing block provision that would cut availability by $35 million if borrowing availability slips below $150 million. The company noted availability was $152 million at the end of the quarter, so it's close to having that cut by another $35 million, he said.
Read MoreRadioShack in 'advanced discussions' to raise capital
Once known for its do-it-yourself electronics, RadioShack has struggled to stay relevant among consumers who prefer to visit an Apple store for the latest iTechnology, or who flock to the convenience of online shopping behemoth Amazon.
RadioShack first fought back by trying to rebrand its stores as "The Shack" in 2009, a change that ultimately fell flat with consumers. It's now in the process of refreshing 30 to 40 percent of its inventory with new products—including the latest Apple technology and accessories—and has remodeled and opened interactive concept stores across the U.S.
It's opened more than 40 of these concept stores in the past year, which put a greater emphasis on sound technology, such as Beats headphones. And on the company's call with analysts, CEO Joe Magnacca said these stores are "outperforming" the chain, and continue to show positive sales performance.