RadioShack used to be the first place to go for buying gadgets and technology accessories. Now many people are turning to Amazon.com first. RadioShack is now going to shut down 1,100 “underperforming” stores across the U.S.
After the retail closures, RadioShack will have around 3,100-3,200 U.S. stores left. The company also has 900 dealer franchise locations, which brings the total to 4,000 locations. The remaining stores will get a new product assortment.
RadioShack recently reported their Q4 2013 results, which was at $935.4 million in revenues compared to $1.2 billion in the prior year. RadioShack saw annual losses go from $139.4 million in 2012 to $400.2 million in 2013.