UPDATE: RadioShack tells Consumerist there’s no list for now — but stay tuned: “We are not releasing a store closing list at this time. However, RadioShack will maintain market coverage as part of this plan, with more than 4,000 U.S. stores in the RadioShack footprint. We will have information to share in the future.”
After announcing earlier this month that it would likely have to close around 500 stores in the coming months, RadioShack is now planning on making a much deeper cut of up to 1,100 store closures. That accounts for about 20% of all its locations in the U.S.
While the company didn’t say whether it’s now a total of 1,100 stores or an additional number on top of the 500 previously slated for the chopping block, RadioShack says it will still have more than 4,000 stores in the U.S., which includes dealer franchise locations, reports the Wall Street Journal.
That makes us think it’ll be 1,100 total, as The Shack has about 4,300 U.S. locations and an additional 950 other franchised locations worldwide.
Despite giving Super Bowl viewers a chuckle with its commercial poking fun at itself, that featured popular ’80s icons taking back their stuff from the store, RadioShack has been suffering losses as it’s fighting to update its image in recent years.
The Shack had said it was working with advisers on how best to restructure the company, advisers that apparently felt 500 shuttered locations wasn’t going to do it. Chief Executive Joseph Magnacca, who was hired last February, said the company is making progress in its turnaround efforts, despite lower store traffic and other operational issues.
We’ve reached out to ask RadioShack for a list of locations that will be closed, but in the meantime the company has said it’s shuttering stores based on location, area demographics, lease duration and financial performance.
RadioShack to Close Up to 1,100 Stores [Wall Street Journal]