[K3CAL] FYI

[Rich Weaver]

Radio Shack closing 1,100 stores

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. 
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.qth.net/pipermail/k3cal/attachments/20140306/1c66928f/attachment-0001.html>