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.