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RadioShack to close 1,100 stores nationwide

March 4, 2014 12:00:00 AM PST
RadioShack is planning to close up to 1,100 stores, about a fifth of its U.S. locations, the retailer announced on Tuesday.

The company didn't immediately identify which stores will close or how many jobs would be affected, but noted that stores targeted for closings will be chosen based on location, area demographics, lease duration and financial performance.

CEO Joseph Magnacca said the closings would leave RadioShack with more than 4,000 U.S. stores.

The news comes as RadioShack reported a large quarterly loss after the holiday season. Its stock plunged 47 cents, or 17 percent, Tuesday to close at $2.25

RadioShack reported a full-year loss of $400.2 million, or $3.97 per share. In the prior year it lost $139.4 million, or $1.39 per share. Its adjusted loss was $3.04 per share. Annual revenue declined 10 percent to $3.43 billion from $3.83 billion.

The Associated Press contributed to this report