RadioShack seeks more store closures, staff cuts

Fort Worth, Texas-based electronics chain RadioShack Corp. (NYSE: RSH) is looking to cut staff and close more unprofitable stores as its 2014 financial losses deepen.

After a disappointing third-quarter report Thursday, the company said it would slash costs by $400 million through staff cuts and shuttering stores. RadioShack posted a net loss of $161 million for its quarter ended Nov. 1. Sales were down by 16 percent from a year ago to $650 million.

The retailer has closed 175 stores this year, but its lender vetoed a move to close more than 200. The company would like to close 1,100 unprofitable stores. Planned expense reductions include $105 million from marketing, $100 million from store and regional management, and $90 million from store closings and asset sales.

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