RadioShack to close 1,100 stores nationwide, continuing to unravel

U.S. electronics store RadioShack announced it plans to close up to 1,100 of its stores in the United States, as the company continues to struggle in a fight for survival.

RadioShack has a large retail footprint in the United States, with 90 percent of US shoppers located within a few minutes of at least one store.

"Our focus on the brand, our operations, and the in-store experience has been unfolding in parallel with a strategic review of our store footprint," said Joseph Magnacca, RadioShack CEO, in a press statement. "Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles - location, area demographics, lease life and financial performance - in order to consolidate our store base into fewer locations while maintaining a strong presence in each market."

Information about which stores - and how many jobs will be lost - still hasn't been disclosed by RadioShack.

It seems RadioShack will be unable to successfully turnaround - even with additional store closures - and the company's stock value continues to plunge. Following a successful Super Bowl ad which made fun of itself, the company also announced 500 U.S. retail stores will be closed - just three months into 2014 and a total of 1,600 RadioShack stores will be shuttered in the near future.