Tuesday, March 4, 2014

RadioShocked: Sales Plummeting, Stores Closing

Posted By on Tue, Mar 4, 2014 at 9:13 AM

In early February, Radio Shack poked fun at itself with an expensive Super Bowl add, dubbed "The '80s Called, They Want Their Store Back," featuring horror icons Jason and Chuck, Alf, Erik Estrada, Hulk Hogan and the California Raisins.

But the laughter has long since subsided and this morning, RadioShack reported significant quarterly losses, sending its stock down nearly 24 percent and triggering the closure of up to 1,100 U.S. stores. Christmas sales were down more than 20 percent compared to a year ago.

"The company's results were much worse than we anticipated," said BB&T Capital Markets analyst Anthony Chukuma. "This casts serious doubt on RadioShack's long-term viability in our opinion."

RadioShack's market share has fallen 30 percent since 2004.

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