Source: John Waggoner / USA Today
After reporting dismal fourth-quarter earnings, Radio Shack said Tuesday that it would close about 1,100 poorly performing stores, roughly 20% of the electronic retailer’s locations.
The store closings will leave about 4,000 locations in the U.S. The company has been struggling to revamp its stores for the past year.
Total net sales and operating revenues were $935.4 million in the fourth quarter, vs. $1,171.4 million last year, a 20% decline. Comparable store sales were down 19%, which the company blames on poor performance in its mobile phone business.
Radio Shack stock (ticker: RSH) was down more than 20% in premarket trading.
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