RadioShack, the struggling electronics retailer, on Tuesday said it might close 1,100 stores — about a fifth of all its outlets — after it reported its eighth straight quarterly loss. The Forth Worth company said it had a net loss of $191.4 million for the fourth quarter — more than triple what it lost a year earlier. Its fourth-quarter revenue slumped 20% to $935.4 million. Like many bricks-and-mortar retailers, RadioShack is struggling to reverse declining foot traffic to its stores and fend off competition from other retailers, including Amazon.com.
SourceRadioShack is planning to close down approximately 1,100 “underperforming” stores nationwide soon. The decision was announced amid the Texas company’sfourth quarter earnings report, published before the opening bell on Tuesday. That still leaves RadioShack with more than 4,000 stores, including over 900 dealer franchise locations, nationwide. CEO Joseph C. Magnacca explained in the report, “Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles – location, area demographics, lease life and financial performance – in order to consolidate our store base into fewer locations while maintaining a strong presence in each market.”
