Friday, August 7, 2020
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RadioShack closing 1,100 stores as troubles grow

New York: There will soon be about 1,100 fewer places to buy batteries. RadioShack said on Tuesday that it plans to close up to 1,100 stores, or about a fifth of its US locations. The news came as the retailer reported a wider quarterly loss after a disappointing holiday season.

Its stock tumbled 16 per cent in afternoon trading. CEO Joseph Magnacca said the closings would leave the company with more than 4,000 US stores.

That’s still far more than Best Buy, which has roughly 1,400 US locations, and makes RadioShack stores nearly as common as Wal-Mart. RadioShack didn’t immediately identify which stores will close or how many jobs would be affected.

A call to the company, based in Fort Worth, Texas, was not returned.