Radioshack to close 1 in 5 stores
March 6 , 2014
Radioshack's quarterly report reveals that it plans on closing about 1,100 stores. The company mentioned that the holiday quarter saw about $191.4M in loss, which is a big jump from its loss from a year ago.
Although some store closings were expected, the number ended up being more than twice the 500 stated in earlier reports.
Radioshack blamed the reports on lower shopper traffic and tablet sales.
"The company's results were much worse than we anticipated, and cast serious doubt on Radioshack's long-term viability in our opinion," an analyst said.