It would appear that consumers are no longer headed to the tiny store of gadgets now that the internet and larger showroom stores have taken command. RadioShack has announced that they’ll be closing a cool 1,100 stores soon, now that the holiday season has had its way with the chain. This set of closings will leave the company with around 4,000 locations – including 900 dealer franchise locations.
The company is dealing with a net loss of $191.4 million in their fourth financial quarter, just reported this week. This loss has grown from just $63.3 million a year ago at this same time.
Sales at RadioShack have fallen to $935.4 million in the fourth quarter of 2013, down from $1.17 billion one year ago during this same quarter. Meanwhile the company changed out their CEO in February of 2013 to Joe Magnacca. Under his leadership, the company has changed its logo as well as its in-store layout dramatically.
According to Rueters, the company will continue to change in light of losses, moving forward with a new global sourcing chief, chief financial officer, and merchandising chief. At this article’s publishing, RadioShack Corporation stock (RSH) is down 15.26% at 2.31 per stock – opening was 2.27, high has been 2.44, and low hit 2.19.