RadioShack announced Tuesday it will close up to 1,100 stores after the Fort Worth-based company experienced poor performance during the holiday season.
“Our fourth-quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity, particularly in consumer electronics, a very soft mobility marketplace and a few operational issues,” said RadioShack CEO Joseph C. Magnacca in a news release.
Central Texas has five RadioShack stores between Temple and Copperas Cove, with two in Killeen. Several others are in the Austin and Waco areas.
The company hasn’t determined which stores will close, but location, area demographics, lease life and financial performance will all be factors, Magnacca said.
“We are not releasing a store closing list at this time,” said Maggie Thill, a public relations representative. “However, RadioShack will maintain market coverage as part of this plan.”
After the stores close, the company will have more than 4,000 stores and 900 franchise sites. That is far more than Best Buy, which has about 1,400 U.S. locations.
The announcement represents the latest setback for RadioShack, which is working to rebrand itself as a specialist in wireless devices and accessories.
“Even in this environment, we’re continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility,” Magnacca said in the news release.
The Associated Press contributed to this story.
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