Radio Shack is about to shutter 1,100 stores in the United States. That's about one fifth of all the locations of these electronics stores in this nation. This move comes after the chain's stock dropped by 16 percent.
On March 4, the Associated Press via MSN reported that other reasons for the closures include lower than expected sales during the winter holidays and a more extensive quarterly loss than had been anticipated.
CNN claims that 900 of the stores to be closed are operated as franchise locations. Radio Shack, which has arguably one of the largest retailer footprints in the United States, boasts the fact that some 99 percent of the nation's population either works or lives "within minutes of a Radio Shack location."
Joseph Magnacca, Radio Shack chief operating officer, said there are currently some 5,200 Radio Shack outlets. He claimed the closings would leave the company with more than 4,000 outposts in the United States..
By way of comparison, those 4,000 locations equal about the same number of locations claimed by Wal-Mart and the number for Radio Shack outposts far surpassing the number of Best Buy outlets operating in the country in 2014.
And so, as Radio Shack starts closing stores one fifth of its United States locations, this change starts a new chapter regarding the highly regarded stores where the majority of American baby boomers bought their first computers from the enterprise in the early 1980s.
Radio Shack opened its first store in 1921 in the heart of downtown Boston.