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Title: Radio Shack closing 1,100 stores
Source: CNN Money
URL Source: http://money.cnn.com/2014/03/04/new ... ies/radioshack-store-closings/
Published: Mar 4, 2014
Author: C Isadore
Post Date: 2014-06-05 16:11:19 by bush_is_a_moonie
Keywords: None
Views: 160
Comments: 8

Electronics retailer Radio Shack plans to close as many as 1,100 stores -- or nearly 20% of its locations.

The company said Tuesday that the closings will leave it with more than 4,000 stores, including 900 operated as franchise locations.

Radio Shack also reported that sales at stores open at least a year fell 19% in the last quarter, which included the important holiday shopping period. It blamed the drop on traffic declines and weak sales of mobile devices such as cell phones. Its net loss in the period roughly tripled.

CEO Joseph Magnacca told investors that the stores to be closed were lower performing locations had been forecast to lose money this year.

Radio Shack has one of the largest footprints of any U.S. retailer, with about 5,200 locations in the United States. Company filings say that more than 90% of the U.S. population lives or works within minutes of a Radio Shack location. Chief financial officer John Feray said that within five miles of his Fort Worth, Texas, home there are eight Radio Shack stores.

"So, in that example, we are over-stored," he said.

By comparison, Wal-Mart (WMT), the nation's largest retailer, has about 3,700 U.S. stores, while Best Buy (BBY), one of Radio Shack's major competitors in the electronics sector, has 1,400 U.S. locations.

Radio Shack has 27,500 employees worldwide. The number of jobs that will be lost in the store closings was not disclosed, nor were the locations.

Radio Shack has also publicly admitted its current stores are out of date and in need of a massive overhaul. Its Super Bowl ad this year was a self-deprecating acknowledgment that its stores are stuck in the 1980s. It has closed about 100 U.S. stores each of the last two years. http://beforeitsnews.com/economy...when-it-hits-2629256.html

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Begin Trace Mode for Comment # 6.

#1. To: bush_is_a_moonie (#0)

Walmart is not far from the same decision.

Expansion forever is not possible, therefore, contraction will set in whether they like it or not. Local wally world is falling apart at the seams.

Dollar general is eating into their customer base in a very serious manner.

Cynicom  posted on  2014-06-05   17:05:49 ET  Reply   Untrace   Trace   Private Reply  


#6. To: Cynicom (#1)

Walmart is not far from the same decision.

Expansion forever is not possible, therefore, contraction will set in whether they like it or not.

That's why this financial model of growing and growing and growing, for most businesses, is not feasible. But our entire economy is predicated upon false premises.

Gone are the small to medium sized American companies upon which this nation used to run, businesses that did not continually grow, but hired so many people who would be employed there for years.

Everything, literally everything, is driven by the almighty dollar in this Zio infested world. It's downright Satanic, but people, particularly so-called christians, are too ignorant and participating in the very system to care to know.

Katniss  posted on  2014-06-05   21:08:21 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 6.

#7. To: Katniss (#6)

Agreed, but Walmart does have its share of atheist shoppers.

Deasy  posted on  2014-06-05 21:16:23 ET  Reply   Untrace   Trace   Private Reply  


#8. To: Katniss (#6)

Everything, literally everything, is driven by the almighty dollar in this Zio infested world. It's downright Satanic, but people, particularly so-called christians, are too ignorant and participating in the very system to care to know.

Exactly...

Once sustained "growth" is no longer possible, the money managers look elsewhere and abandon ship. Enough is never enough. Latch onto the next high flyer, let the buzzards finish off the carcass of the olde.

Cynicom  posted on  2014-06-06 08:50:04 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 6.

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