RadioShack reported its fourth quarter earnings today, and revealed that it plans to close twice as many stores as initially forecast.The company said slow foot traffic, heavy promotions, and weak smartphone sales during the holiday season led to a quarterly loss of $191.4 million. The company had warned it would close about 500 stores to cut costs, but has now doubled that number to 1,100. The closures will leave RadioShack with about 4,000 stores still open in the U.S.
RadioShack is in the process of updating both its image and its sales strategy with a focus on electronic entertainment devices.
It sells devices from AT&T, Sprint, and Verizon Wireless.
