Arab Today, arab today radio shack to shutter 1100 stores
Last Updated : GMT 20:12:05
Arab Today, arab today
Arab Today, arab today

Radio Shack to shutter 1100 stores

Arab Today, arab today

Arab Today, arab today Radio Shack to shutter 1100 stores

New York - AFP

US electronics retailer Radio Shack said Tuesday it would close up to 1,100 stores, one fifth of its total, in an effort to turn the struggling chain around. Chief Executive Joseph Magnacca said the move was necessary after tough competition and lower traffic left the company with a $191 million loss in the fourth quarter, triple the year before, and a $400 million loss for all of 2013. The closures would cut the company's outlets to around 4,000; Radio Shack did not say how many jobs would be affected. Challenged by other retailers and online sales, Radio Shack has suffered falling turnover and a shrinking customer base. Total revenues fell 11 percent to $3.4 billion last year, and were down 20 percent in the fourth quarter, the crucial holiday shopping period. "Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility," said Magnacca in a statement.

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