Radio Shack will close up to 1,100 underperforming stores nationwide, the electronics chain said Tuesday in reporting its fourth quarter financial results. According to CEO Joseph C. Magnacca: “Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles – location, area demographics, lease life and financial performance – in order to consolidate our store base into fewer locations while maintaining a strong presence in each market. 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.”
While no store closings were listed Tuesday, Morningstar Credit Ratings, a subsidiary of Morningstar Inc., an investment research firm, had compiled a list in February of potential RadioShack stores that would be candidates to close, based, in part, on their locations and the fact their leases might be expiring. Included on that list of potential RadioShack closings: A store in the Westwind Marketplace shopping center, at Garden of the Gods Road and Centennial Boulevard, in Colorado Springs.