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RadioShack To Close 1,100 Stores

WGIL Newsroom . Local News 303

RadioShack is announcing plans to close 11-hundred stores in the United States, but Galesburg may not be among them just yet.

Company officials say that the closures comes from a comprehensive review of their portfolio in order to consolidate their store base into fewer locations while maintaining a strong presence in each market.

Stores are being selected based on location, area demographics, lease life and financial performance.

The announcement came during an investor’s meeting where the company reported a $400-million loss in 2013.

The report says that RadioShack lost $191-million in the fourth quarter of 2013 alone.

News of the loss and closures have resulted in the company’s stock dropping sharply.

The store closures will result in a cut of twenty percent of RadioShack’s stores in the United States.

The status of the stores in Aledo, Kewanee, Canton, Macomb, Peoria and the Quad Cities is unknown at this time.

A store manager at RadioShack in Galesburg told WGIL that the Galesburg store is not one the stores closing.

The plan is subject to review by RadioShack’s lenders. No date has been set to for the closures at this time.