RadioShack to close 1,100 stores

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Tuesday, March 04, 2014

Bloomberg: The electronics chain's shares slumped the most in more than four months.

Revenue declined 20 percent to $935.4 million, the Fort Worth, Texas-based company said in a statement today. Analysts anticipated $1.12 billion, on average.

Chief Executive Officer Joe Magnacca, who took over last year, has been trying to turn around the chain by changing the stores’ format and stocking fewer items while bolstering the retailer’s liquidity with $835 million in new loans. RadioShack said today it would shut as many as 1,100 underperforming stores, leaving about 4,000 locations, including more than 900 dealer franchises, across the U.S.

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