RadioShack Posts $63 Million Loss
RadioShack posted another bad quarter Tuesday, posting a loss of $63 million on reduced sales.
According to a Reuters report, the chain may need to close stores or sell assets in order to improve liquidity.
“Overall, the fourth quarter continued to be impacted by challenges similar to those of the first three quarters of the year,” CFO Dorvin Lively said in a statement. “The most significant contributing factor to the decline in our performance was the postpaid wireless business which saw a decline in transaction volume across the year, combined with a lower margin rate. However, I am pleased with the progress we have made in improving other aspects of our business.”
Joseph Magnacca was recently named the chain’s new CEO.