Radio Shack Shutting Down 26% Of Stores
Radio Shack will close "underperforming" stores -- and lots of them:
The struggling consumer electronics retailer announced Tuesday that it plans to close up to 1,100 underperforming stores in the U.S., or about 26% of its current company-owned stores.
"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," RadioShack CEO Joseph Magnacca said in a statement. "The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations."
There is (was?) (soon won't be?) a Radio Shack in here my tiny bedroom town of Monument, CO. The last time I was in there was about three years ago, when I absolutely had to buy an overpriced audio cable right the heck then. And I didn't recognize the place as anything like the Radio Shack I used to know. Or as Jim Dalrymple said, "the RadioShack I grew up with lost its soul."
I was reminded of what happened to The Sharper Image. What was once a place to geek out on really cool, hard-to-find nerd toys became a purveyor of gimmicky plastic crap.
Such a shame.
image via appleinsider.com