Electronics retailer RadioShack will be closing up to 1,100 stores in the US. Joseph Magnacca, CEO of the company, made the announcement while reporting RadioShack’s financial results for fourth quarter 2013.
Joseph Magnacca (CEO, RadioShack): 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. The result of that review is our plan to close up to 1,100 underperforming stores.
RadioShack will continue to have over 4,000 stores including over 900 dealer franchise locations in the country.
[Image courtesy: RadioShack]