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The decision was announced amid the Texas company’s fourth quarter earnings report, published before the opening bell on Tuesday.
That still leaves RadioShack with more than 4,000 stores, including over 900 dealer franchise locations, nationwide.
CEO Joseph C. Magnacca explained in the report, “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 electronics chain has been an experiencing a tumultous last few years as many consumers move online for their purchases, away from big box stores and smaller local shops (such as Radio Shack) alike.
In 2012, RadioShack started undergoing a major leadership change as Jim Gooch stepped down in September of that year. He was replaced by the former CEO of Walgreens, Magnacca, a few months later.
Last summer, Magnacca aimed to bring a new concept to the brick-and-mortar retailer with the hopes of making the “iconic brand relevant” once again.
Based on Tuesday’s news and last quarter’s earnings results, that vision has not been realized yet.
Nevertheless, Magnacca remained optimistic, defending that “our focus on the brand, our operations, and the in-store experience has been unfolding in parallel with a strategic review of our store footprint.”
Source: Associated Press