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Radio Shack to Close over 1,000 Stores

In a sad reminder that the economy is still struggling and that online retailers are stiff competition, Radio Shack announced this week that it will be closing nearly 20% of its locations across the U.S. — as many as 1,100 stores.

An article on CNN.com reports that sales at Radio Shack stores fell 19% in the last quarter of 2013, even including the holiday shopping season. The company admits that its stores are out of date and that competition is tough as they are up against online retailers like Amazon.com, who generally sell the same products for less.

According to the article, Radio Shack is a retailer with the largest number of locations — 5,200 in the U.S. That is compared to Walmart which has 3,700 stores and Best Buy which has 1,400.

Currently Radio Shack has 27,500 employees worldwide. It’s uncertain how many of those jobs will be lost with the store closings. Which stores will be closed has yet to be announced.