(Photo by Justin Sullivan/Getty Images)
(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.
closings will leave about 4,000 locations in the U.S. The company has
been struggling to revamp its stores for the past year.
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.
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.
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