RadioShack sets plans to close 1,100 'underperforming' US stores
The company was rumored to be planning to close just 500 stores just a month ago.
RadioShack, once a wildly popular retail home for tech fanatics, has lost some of its relevance, and now, it's decided to shutter some stores.
The company on Tuesday announced that it will close up to 1,100 stores across the US. RadioShack didn't say how long it will take to close the "underperforming" stores, but the company seems to be set on moving as quickly as possible.
That RadioShack is closing 1,100 stores has surprised some who had been under the impression it wouldn't act so aggressively. Last month, the Wall Street Journal reported, citing people who claimed to have knowledge of its plans, that RadioShack would only close 500 stores.
The company on Tuesday announced that it will close up to 1,100 stores across the US. RadioShack didn't say how long it will take to close the "underperforming" stores, but the company seems to be set on moving as quickly as possible.
That RadioShack is closing 1,100 stores has surprised some who had been under the impression it wouldn't act so aggressively. Last month, the Wall Street Journal reported, citing people who claimed to have knowledge of its plans, that RadioShack would only close 500 stores.
RadioShack is in the midst of a rebranding that will aim at making its retail locations more friendly to today's consumers, rather than a hub for folks who need parts for their gadgetry. RadioShack says that its remaining stores will have a new product assortment, and in stores where it has already made the conversion, sales are up, according to the company.
Still, RadioShack had a difficult fourth quarter of 2013, reporting $935.4 million in revenue, compared to $1.2 billion in the prior year. The company's annual losses also widened, jumping from $139.4 million in 2012 to $400.2 million in 2013.
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