Radio Shack plans to close up to 1,100 stores in the U.S. following significant financial losses during the critical holiday shopping season.
Radio Shack has about 25 stores in the NYC area. Exact locations of the store closures have not been announced, but Radio Shack said it will evaluate 4 factors in making its closure decisions:
- Location
- Area demographics
- Lease life
- Financial performance
“Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles…in order to consolidate our store base into fewer locations while maintaining a strong presence in each market,” CEO Joseph C. Magnacca said. “The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations.”
Radio Shack attempted to shed its outdated brand image with a 30-second Super Bowl ad featuring 80s icons like Hulk Hogan, Alf, Kid n Play and Mary Lou Retton rushing into a store to take back their 80s technology.
The ad intended to show Radio Shack’s “out with the old, in with the new” philosophy in redesigning its stores.
We asked a customers coming out of a store on 125th Street about how they would feel if the store closed, “I wouldn’t care if the store closed, I can get the same thing or better products at Staples further east and with better customer service.”
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