Electronics and games retailer RadioShack has announced significant US store closures.
The news follows a 20 per cent sales decline in the last quarter and the company’s eighth straight quarterly loss. Net losses tripled in the period to $191.4m.
The closures equate to around 1,100 stores (20 per cent of its current US footprint), which would still leave it with over 4,000 stores (900 of which are franchises).
By comparison, America’s largest retailer WalMart has just 3,700 stores and Best Buy 1,400.
The closures will target the poorest performing outlets. It is unsure how many of RadioShack’s 27,500 workers will be affected.
200 stores have already been closed in the last two years.