RadioShack to Close Up to 1,100 Stores

RadioShack to Close Up to 1,100 Stores

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RadioShack has announced that it will close up to 1,100 underperforming stores.

The company reported a net loss of $191.4 million today, or $1.90 per diluted share, compared to net loss of $63.3 million last year. On an adjusted basis, net loss was $129.9 million, which compares to an adjusted net income of $6.8 million last year.

Joseph C. Magnacca, chief executive officer, said, "Our fourth quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues. Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility. "

Magnacca announced that the company has been reviewing its stores and decided to close up to 1,100 based on various factors.

"Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles – location, area demographics, lease life and financial performance – in order to consolidate our store base into fewer locations while maintaining a strong presence in each market. The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations."

More details in the full earnings report linked below...

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RadioShack to Close Up to 1,100 Stores

Assistedinsanity - March 4, 2014 at 6:15pm
Those employees are better off , that job sucks they make you work for 7.25 an hr no raise an no lunch break even though the law states you must have breaks they just make you work and edit your time card to make it seem to corporate that you got your break so they are stealing from employees
Adam - March 4, 2014 at 11:03pm
So your personal experience must means it happens to every employee at every store… You moron
Apple pie - March 4, 2014 at 5:43pm
Not as good as carriers that let you use the phones.
XxkoolloserxX - March 4, 2014 at 5:26pm
I remember when radio shack was the shit. I bought some cool stuff there!
justabrake - March 4, 2014 at 5:26pm
I'm surprised they didn't shut down 10 yrs. ago
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