TIME Retail

RadioShack Is Now a Penny Stock

Radio Shack Stock Drop
Traders work on the floor of the New York Stock Exchange near the post that handles Radio Shack, June 20, 2014. Richard Drew—AP

Shares dip below a dollar for the first time

RadioShack faced the prospect of being removed from the New York Stock Exchange on Friday when its stocked dipped below $1 a share for the first time ever.

The milestone follows a long decline for the one-time electronics retail giant. The company has struggled to adapt to consumers shopping for electronics products outside traditional stores. That evolving market killed off Circuit City in 2009. Other retailers that met a similar fate include Tweeter Home Entertainment and CompUSA.

RadioShack’s stock peaked at more than $75 in the late 1990s. Some of the most dramatic losses have come in recent years. The company lost $400 million in 2013, and, earlier this year, it announced the closing of up to 1,100 stores.

RadioShack’s shares closed at $0.92 on Friday.

 

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