Report: RadioShack To Close 500 Stores – RS Says It’s A Rumor

Report: RadioShack To Close 500 Stores – RS Says It’s A Rumor

The Wall Street Journal reported that RadioShack Corporation is planning to close around 500 of its stores in the next few months.

That would be about 11% of the chain stores in the United States.

The company is reported to be struggling and the store closures would be part of a restructuring plan.

The company is in the midst of a turnaround effort, hiring a new CEO last year.

Losses have been reported by RadioShack for the last seven quarters, losing sales to both big-box rivals and online retailers.

After reports about the company hit the news, RadioShack stocks went down by about 5%, closing at $2.36.

Merianne Roth, Radioshacks spokeswoman stated that “this is a rumor and we don’t comment on rumors and speculation.”

Sources familiar with the matter told the Wall Street Journal, that they didn’t know which stores out of the 4500 would be closing or when it may happen.

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