05 March 2014
RadioShack reportedly appears to be struggling to compete with the Big Box retailers, including Best Buy. The electronics-store chain announced March 4 that it plans to close up to 1,100 poorly performing stores, or about 20 percent of its stores, because of widening losses.
After the closing, RadioShack will have about 4,000 U.S. locations.
In last year’s fourth quarter, the company lost $191 million, while revenue fell 20 percent, to $935 million.
“We were trying to do too much too quickly,” RadioShack CEO Joseph Magnacca, told analysts on a conference call, citing the chain’s efforts to mount its turnaround strategy, according to USA Today.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.