Radio Shack's closing of 1,100 stores will bring its total locations to over 4,000 in the United States which also consists of over 900 franchises according to an Associated Press article on ABC News website. Information is not known about what locations are succumbed to the news.
"Since I joined the company, it has been clear we need to change the conversation about RadioShack," Magnacca said in a call with analysts the AP reported.
Radioshack obtained $835 million in loans in October from an investor group owned by GE Capital in order to renew $625 million of the debt The Dallas Business Journal reported.
Magnacca became Radio Shack CEO in February 2013, and began to look at the future of the company through re-development of its leaders The Business Journal reported.
The retailer also set up a concept store, and defined a marketing strategy in order to be successful.
Radio Shack unveiled its new strategy via a campaign Feb. 3 when it was also revealed that 500 stores would be shutting its doors The Business Journal reported.
The retailer also marketed its message during a 30-second television ad titled during the Super Bowl Sunday The Business Journal reported.
The retailer also set up a concept store, and defined a marketing strategy in order to be successful.
Radio Shack unveiled its new strategy via a campaign Monday. The retailer also marketed its message during a 30-second television ad titled during the Super Bowl Sunday The Business Journal reported.
The ad is titled: "The 80s called: it wants its stores back," and depicts a message about how it is reportedly known as an old school retailer The Business Journal reported.
"It can be done, when we do it together," the company's motto for the campaign says.
Radio Shack has seen income fall $935 million according to the AP. The retailer's shares decreased 38 cents, to $2.34 or 14 percent.
