RadioShack Will Shut Doors on 500 Stores
Feb 10, 2014 02:09PM ● Published by Anonymous
It turns out RadioShack's 2014 Super Bowl commercial, featuring a phone call about being stuck in the past, was ironic foreshadowing.
Fort Worth's own RadioShack is planning to close roughly 500 stores over the next few months due to a restructuring plan, according to the Wall Street Journal — citing "people familiar with the matter."
It's not clear which of the company's stores will shut down or when the closings ill begin.
RadioShack has been working on transforming its image into a one-stop shop for consumers seeking entertainment gadgets such as headphones, phone covers and electronic adaptors.
In October, the electronics retailer secured $835 million in loans to refinance roughly $625 million of debt, the WSJ notes.
The company's third-quarter loss expanded as the struggling retailer liquidated inventory. RadioShack posted a $112.4 million loss from $47.1 million a year earlier as overall sales fell to $805.4 million.