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After shares tumbled, RadioShack announced that it will close down more than 200 of its stores.
The Milwaukee Business Journal reported that RadioShack Corp. said the closings will be based on a store’s location, performance and other factors.
It’s no secret that the electronics retailer has been struggling for several years and a decision was made after the company reported a quarterly loss of shares that fell over 10 percent.
According to CNN Money, the stock is down more than 45 percent this year and at about $1.38 per share, is moving towards penny-stock territory.
RadioShack CEO Joseph C. Magnacca said that the downturn in consumer electronics and weak demand is due to smart phones.
The Texas-based retailer is continuing to work on a turnaround plan after closing 22 stores this year.
The company said it will remodel and rebrand some of its existing stores even though the original plan to close almost 1,100 locations could become a reality in the future.