RadioShack closing 1,100 stores across US

From Staff and Wire reports

The Daily Advance

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There will be approximately 1,100 fewer RadioShack stores, but whether the Elizabeth City and Currituck County locations will be shut down is unknown.

“We are not releasing a store closing list at this time,” company spokesman Kari Streiber said in a statement Wednesday evening. “However, RadioShack will maintain market coverage as part of this plan, with over 4,000 U.S. stores in the RadioShack footprint. We will have information to share in the future.”

The Elizabeth City RadioShack is at Southgate Mall. The Currituck County RadioShack is off Caratoke Highway at Grandy.

RadioShack on Tuesday announced plans to close approximately a fifth of the chain’s locations. The news came as the Fort Worth-based electronics company reported a wider quarterly loss after a disappointing holiday season. RadioShack’s stock tumbled 16 percent.

Long known as a destination for batteries and obscure electronic parts, RadioShack has sought to remake the chain into a specialist in wireless devices and accessories. Growth in the wireless business is slowing, as more people have smartphones and see fewer reasons to upgrade.

In addition to slashing costs and shuffling management, RadioShack has been renovating stores to present customers with a more modern appearance.

“Since I joined the company, it has been clear we need to change the conversation about RadioShack,” CEO Joseph Magnacca said in a phone call with analysts.

Magnacca pointed to the success of the company’s Super Bowl ad as an example of “exactly the kind of disruption we needed.”

The spot received glowing reviews for poking fun at RadioShack’s outdated image by showing actors, athletes and characters from the 1980s ransacking a store. Magnacca also outlined various efforts RadioShack is taking, such as revamping the chain’s product mix and working to identify trends in electronics earlier.