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02-17-2006, 03:13 PM #1
RadioShack Closing Up to 700 Stores
http://www.10news.com
RadioShack Closing Several Hundred Stores
POSTED: 11:59 am PST February 17, 2006
DALLAS -- RadioShack said it plans to close up to 700 stores after reporting profits in the latest quarter dropped 62 percent from a year ago.
It also plans to shutter distribution centers in Charleston, S.C., and and Southhaven, Miss., to improve its financial performance.
The consumer electronics retailer says, excluding one-time items, it earned 38 cents a share.
RadioShack blames falling sales of higher profit-margin items and said sales of wireless phones were disappointing.
All the stores targeted for closing are company-operated. There are a total of nearly 7,000 RadioShack stores.
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