Report: RadioShack to close about 500 stores

New York -- RadioShack Corp. will close about 500 stores within months as part of its ongoing restructuring, the Wall Street Journal reported on Tuesday. The retailer, which is due to report results for the fourth quarter later this month, has about 4,500 locations.

The chain has been working to turn itself around since former Walgreens executive Joseph Magnacca became CEO in February 2013. His efforts have included rebuilding the company’s executive team, launching a new store prototype designed to appeal to tech-savvy customers and introducing a new marketing strategy.

RadioShack has been working with bankers from Peter J Solomon Co to boost its liquidity and with AlixPartners on its operational turnaround, the Journal said.

 

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