RadioShack to close about 500 stores: WSJ
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[February 05, 2014]
NEW YORK (Reuters) — U.S. electronics
chain RadioShack Corp is planning to close about 500 stores within
months, the Wall Street Journal reported on Tuesday, citing people
familiar with the matter.
The struggling retailer, which is due to report results for the
fourth quarter later this month, said it could not comment on rumor
RadioShack has been working with bankers from Peter J Solomon Co to
boost its liquidity and with AlixPartners on its operational
Its sales have been in free-fall amid executive departures, strong
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, nor has it
become hip enough to woo younger shoppers.
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Chief Executive Joe Magnacca, who took the company's helm in
February 2013, has said he expected the turnaround to take several
(Reporting by Dhanya Skariachan; editing
by Dan Grebler)
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