
US electronics retailer Radio Shack said Tuesday it would close up to 1,100 stores, one fifth of its total, in an effort to turn the struggling chain around. Chief Executive Joseph Magnacca said the move was necessary after tough competition and lower traffic left the company with a $191 million loss in the fourth quarter, triple the year before, and a $400 million loss for all of 2013. The closures would cut the company's outlets to around 4,000; Radio Shack did not say how many jobs would be affected. Challenged by other retailers and online sales, Radio Shack has suffered falling turnover and a shrinking customer base. Total revenues fell 11 percent to $3.4 billion last year, and were down 20 percent in the fourth quarter, the crucial holiday shopping period. "Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility," said Magnacca in a statement.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor