RadioShack Announces Plans to Close 400-700 Stores

RadioShack has recently announced plans to close around 10 percent of its national retail stores.

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RadioShack, the formerly successful electronics and gadgets store looks like it can no longer do anything right. Between 400 to 700 stores and two distribution centers will be closed as the company struggles to survive. RadioShack simply cannot consistently compete with stores like Best Buy and Wal-Mart. This news comes after the company announced a whopping 62 percent drop in its fourth-quarter profits.

"The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan including the significant fourth quarter inventory write-down," he added

President and Chief Executive David Edmondson has also been under fire after being caught lying about two degrees he claimed he received. It is doubtful that he will be around to see whether or not RadioShack will be able to save itself.

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