RadioShack to Close Twice As Many Stores As Previously Expected

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Posted 3 years ago

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RadioShack to Close Twice As Many Stores As Previously ExpectedRadioShack has seen better days. Falling revenues had led to recent speculation that it would close 500 stores. The truth, however, is more dire. The struggling company plans to close 1100 “underperforming” stores across the country, which will leave it with 4000 locations.

New concept stores have seen some sales growth, which is encouraging to CEO Joseph Magnacca, who expects the brand to return to profitability in the future. The present, however, is fraught with loss: $191.4 million in the last quarter, which is more than RadioShack’s losses for the entire previous fiscal year–$139.4 million.

– Charles Herrion

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