After flagging sales during the 2013 holiday season, the electronics retailer RadioShack said Tuesday that it will close up to 1,100 of its U.S. locations.
RadioShack reported sales were down 19 percent in the fourth quarter of 2013, which included the all-important holiday shopping season. The company blamed a decrease in foot traffic in the stores and sagging sales of mobile phones.
The move will eliminate almost 20 percent of the company’s retail locations in the U.S. Shares in RadioShack plummeted more than 20 percent in pre-market trading on the news.
RadioShack attempted to move beyond its retro image with a Super Bowl advertisement last month.
More Must-Read Stories From TIME
- Here's Where All The Strongest Hurricanes Have Hit the U.S. in the Past 50 Years
- 2022 Time100 NEXT: TIME’s List Of Emerging Leaders Who Are Shaping the Future
- Industrial Farming Causes Climate Change. The ‘Slow Food’ Movement Wants to Stop It
- Here Are the 12 New Books You Should Read in October
- Artist Oliver Jeffers Wants to Paint the World Out of a Corner
- A Vibrant North Korean Community in London Finds Its Days Are Numbered
- COVID-19 Vaccines Can Make Periods Longer, Study Says
- Column: What Happened When My Entire Family Came Out
