CNN Money reports Radio Shack will close around 1,100 stores, nearly 20 percent of its locations. The move will leave more than 4,000 stores, including about 900 franchise locations. Radio Shack has had one of the largest footprints of any U.S. retailer, with about 5,200 locations in the United States.
Radio Shack has 27,500 employees worldwide. The number of jobs that will be lost in the store closings was not disclosed, nor were the locations. Company filings say that more than 90 percent of the U.S. population lives or works within minutes of a Radio Shack location. Chief financial officer John Feray said that within five miles of his Fort Worth, Texas, home there are eight Radio Shack stores.
“So, in that example, we are over-stored,” he said.
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