Radio Shack Plans To Close 1100 Stores
Radio Shack is planning to close around 1100 of their stores which are performing poorly, according to USA Today.The move come after sluggish earnings for the fourth quarter, with earnings for Radio Shack down 20% from last year.
So far, Radio Shack hasn't announced which stores will close or how many jobs will be lost. They do say the stores that will close are being chosen based on location, the length of their lease, how they perform financially and area demographics.
Radio Shack has been working on revamping its image and the company's CEO says those plans continue.
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 flexability.
Once those 1100 stores close, Radio Shack will have around 4000 stores left in the U.S.