Radio Shack to close 1,100 stores

10:44 AM, Mar 4, 2014   |    comments
(Photo by Justin Sullivan/Getty Images)
  • Share
  • Print
  • - A A A +

 


 


(USA TODAY) -- After reporting dismal fourth-quarter earnings, Radio Shack said Tuesday that it would close about 1,100 poorly performing stores, roughly 20% of the electronic retailer's locations.

The store closings will leave about 4,000 locations in the U.S. The company has been struggling to revamp its stores for the past year.

Total net sales and operating revenues were $935.4 million in the fourth quarter, vs. $1,171.4 million last year, a 20% decline. Comparable store sales were down 19%, which the company blames on poor performance in its mobile phone business.

Radio Shack stock (ticker: RSH) was down more than 20% in premarket trading.

"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 flexibility," CEO Joseph C. Magnacca said in a statement.

You may also like...

Beach Treasure: Lost wedding ring found 8 months later

Nudist Lawsuit: Blind woman sues for having service dog refused

Reptile Invasion: Exotic "tegu lizards" taking over Tampa Bay

Dream Date: High schooler taking NFL cheerleader to the prom

Underwater Secret: Hidden caves beneath Weeki Wachee

Send in the Clowns: Clown shortage threatens the nation

Sasquatch on Tour: "Dead Bigfoot" on display in Texas

Eat Up: Yoga mat chemical found in hundreds of store foods

#ShortYellows: Florida quietly shortened yellow lights

Kittens shot: Officer shoots kittens in front of children

Popular photo galleries:

Faces of Meth: Devastating before and after photos of meth abusers

Trayvon Martin Shooting: Trayvon Martin crime scene photos and George Zimmerman injury photos 

Hooters Winners: Winners of the 2013 Hooters swimsuit pageant

Rejected: Funny Florida license plates rejected by the DMV ***warning graphic***

Deadly sinkhole: Home collapses, man dies in giant sinkhole

Popular Databases:

Florida Sex Offenders: Look up sex offenders in any Florida neighborhood here

Restaurant Inspections: Look up inspection reports for any Florida restaurant here

Most Watched Videos