Radio Shack is closing stores. Radio Shack, an electronics retailer that has been around for decades, will be closing 1,100 stores. The closing of the stores – approximately 20 percent of all of their stores – was announced after they reported a sales decline of some 19 percent, according to a Fox News report on Tuesday.
Radio Shack said that there will still be more than 4,000 stores open. Nine-hundred of those stores that are still open are franchise stores.
Stores that were open a year or more fell 19 percent in sales during the last quarter. That period obviously included the holiday shopping period when stores count on doing a good business. The net loss of the Radio Shack stores nearly tripled for the quarter.
The number of persons who will be losing jobs due to the closures was not reported. Neither were the locations that will be closing. Globally, Radio Shack has 27,500 employees before the closings. Prior to the announcement of the massive store closings, some 100 United States’ Radio Shacks were closed in both 2012 and 2013.