Radio Shack announces plans to close 1,100 stores nationwide

By WEEK Producer

Radio Shack announces plans to close 1,100 stores nationwide

March 4, 2014 Updated Mar 5, 2014 at 11:22 AM CDT

FORT WORTH, Texas – Radio Shack announced Tuesday that it plans to close up to 1,100 stores, 20 percent of its U.S. locations.

The announcement comes as Radio Shack reported large fourth quarter losses after a disappointing holiday season. The company’s stock tumbled 16 percent in afternoon trading.

Radio Shack operates approximately 20 locations here in central Illinois. The company did not identify which stores will close or how many jobs would be affected.

Even with the closures, Radio Shack will still operate more than 4,000 stores in the U.S. For comparison, competitor Best Buy operates only 1,400 stores nationwide.