Tag Archives: rsh

Staples follows RadioShack with big store-closure plans

Office-supply retailer Staples (SPLS) on Thursday announced plans to close up to 225 stores in North America by the end of 2015, as online sales take a bigger bite out of brick-and-mortar shops. The closures would reduce its worldwide store count by 10%. The news comes on the heels of RadioShack’s (RSH) decision Tuesday to close up to 1,100 stores in the U.S., slashing its company-owned store count by 26%. Staples said its action is part of an effort to reduce annual costs by about $500 million by next year. The Framingham, Mass.-based company currently operates 2,200 stores worldwide, with 1,500 of them in the U.S. Staples shuttered 109 stores in North America and Europe in 2013. Staples announced the latest store closings as it released results for its fiscal fourth quarter ended Feb. 1. The retailer earned 33 cents a share, down 28% from…

RadioShack plans to close 26% of its U.S. stores

Soon a lot of RadioShack (RSH) stores will look like the one Hulk Hogan, Alf and Twisted Sister front man Dee Snider cleared out in the retailer’s Super Bowl television ad this year. The struggling consumer electronics retailer announced Tuesday that it plans to close up to 1,100 underperforming stores in the U.S., or about 26% of its current company-owned stores. “Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles — location, area demographics, lease life and financial performance — in order to consolidate our store base into fewer locations while maintaining a strong presence in each market,” RadioShack CEO Joseph Magnacca said in a statement “The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations.”…