| | Mar 5 | retail
Photo by Blue MauMau
Texas-based Radio Shack announced yesterday it would close 1,100 stores across the country after its shares dropped 20 percent.
Reuters reported that the company’s sales have been in free fall since 2010 amid executive departures, tough competition and an image problem.
The retailer, which has been losing share to the likes of Best Buy Co Inc and Amazon.com Inc, reported its net loss widened to $191.4 million, or $1.90 a share, in the fourth quarter, from $63.3 million, or 63 cents, a year earlier.
The planned closings will leave the Fort Worth retailer with over 4,000 stores, including 900 dealer franchise locations.
The report stated that sales totaled $935.4 million in the fourth quarter which covered the holiday season. That was down 20.1 percent from $1....