Up to 1,100 underperforming Radio Shack stores nationwide are expected to close as the company works to consolidate its store base. Whether the Buford Radio Shack, located at 3350 Buford Drive, will be among those stores remains to be seen.
In an email to NGwinnett.com, a Radio Shack representative indicated the company would not be releasing a store closing list "at this time."
"RadioShack will maintain market coverage as part of this plan, with more than 4,000 U.S. stores in the RadioShack footprint. We will have information to share in the future," the representative added.
Joseph Magnacca, chief executive office of Radio Shack, explained the rationale behind the store closings in a released statement.
"Our focus on the brand, our operations, and the in-store experience has been unfolding in parallel with a strategic review of our store footprint. 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," he said. "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."
The determination as to which stores will close is subject to the consent of Radio Shack lenders under the 2018 credit agreement and 2018 term loan.
"Without minimizing the challenges ahead, we have a detailed strategic path to profitability based upon the five pillars of our turnaround," Magnacca said. "Our entire team is focused on execution as we work to improve our performance in the coming year."
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