RadioShack Plans to Close 1,000 More Stores After Big Loss
It was more bad news for RadioShack Tuesday as the chain announced that it lost $191.4 million in the fourth quarter, and will close over 1,000 stores.
The closures affect 20 percent of the store’s footprint.
“”Our fourth quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues,” CEO Joseph C. Magnacca said in a statement.
“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.
Magnacca also said that he is “encouraged” by the response to the chain’s Super Bowl commercial.