Radio Shack reports lower sales, says it may have to close stores

Business
By Mark Fisher
Feb 26, 2013
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RadioShack reported lower fourth-quarter sales and said it may have to close stores or sell assets if business does not pick up by next year, according to Reuters.

The electronics retailer’s stock dropped 6 percent late Monday before the close, but appeared to be holding steady during mid-morning trading.

RadioShack operates 11 stores in the Dayton area, including locations in the Mall at Fairfield Commons and in the Dayton Mall.

Same-store sales were down 7 percent in the fourth quarter of 2012, RadioShack officials announced Tuesday. Total net sales and operating revenue were $1.3 billion, down from $1.4 billion over the same period in 2011.

The results underlined the tough task facing new CEO Joseph Magnacca in trying to transform the struggling electronics chain into a specialist retailer of mobile devices, according to Reuters. Magnacca took over as CEO on Feb. 8.

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About the Author

Mark Fisher, a 1981 graduate of Ohio State University and a 1976 graduate of Beavercreek High School, is a third-generation Dayton-area resident who has worked for the Dayton Daily News since 1983. He covered higher education and K-12 education accountability issues for nearly 20 years before taking over the food and dining beat in 2006.