RadioShack plans to close up to 1,100 US stores

FILE - In this Wednesday, October 20, 2010 file photo, a shopper leaves a RadioShack store in Brunswick, Maine. RadioShack reports quarterly earns on Tuesday, July 23, 2013. (AP Photo/Pat Wellenbach, File)
FILE - In this Wednesday, October 20, 2010 file photo, a shopper leaves a RadioShack store in Brunswick, Maine. RadioShack reports quarterly earns on Tuesday, July 23, 2013. (AP Photo/Pat Wellenbach, File)

Electronics retailer RadioShack has announced it will be closing stores throughout the country. According to the Chicago Sun-Times:

“FORT WORTH, Texas — RadioShack plans to close up to 1,100 of its underperforming stores in the U.S. and reported a wider loss for its fourth quarter as customer traffic slowed during the critical holiday season.

Its stock tumbled almost 21 percent in premarket trading Tuesday.

CEO Joseph Magnacca said in statement that the planned store closings would leave RadioShack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn’t immediately identify what stores are being closed.

The electronics retailer said that the stores to be closed are being selected based on location, area demographics, lease duration and financial performance.”

[Read the full story at the Chicago Sun-Times]

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