(Reuters) - Struggling retailer RadioShack Corp reported a wider quarterly loss on Tuesday and said it will close up to 1,100 U.S. stores after a huge drop in sales over the holidays, sending the stock down more than 15 percent.
Sales at the Fort Worth, Texas-based chain have been in free fall amid executive departures, tough competition and an image problem. Despite its ubiquitous presence in the United States, analysts say it has not done enough to transform itself into a destination for mobile phone shoppers or become hip enough to woo younger shoppers.
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.
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13 comments:
Internet shopping will close most brick and mortar stores .
Can anyone say Obamacare!
I didn't know that they were still open.
12:55
This couldn't have less to do with the ACA. Radioshack has an outdated business model (and customer base quite frankly)
but they got answers! maybe barry can send them the ?'s.
I think my grandfather bought transistors there in the 60's & 70's.
Great job Obama KILLING AMERICA.
Radio Shack failed to adjust and adapt to a changing market. This is an expected result. Sears and Penney's will be next.
They won't be missed. My last trip there was for a case for my husband's I-phone, and the prices were ridiculous. I'd much rather shop at Best Buy.
6:08 changing market? lmmfao, how about no market. half the damn working age population on welfare, they no longer have the skills to know what to do with the toys radio shack sells!
Best Buy will be next. Cheaper to deal online and I get better service and response than having to deal with them.
Queensgirl god forbid you spent a xtra $1 for a product that was sold in a American store that's the problem with americans cheap cheap cheap.
The only store that should be open is Walmart everyone else stay on Welfare stay home buy on the internet only....Obamas MASTER plan.
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