RadioShack to close some 500 stores

Fort Worth, Texas-based RadioShack Corp. plans to close some 500 stores in the coming months as part of the continued restructuring of the company.

The Wall Street Journal reports RadioShack secured $835 million in loans from a group led by GE Capital to refinance $625 million in debt in October, which ultimately provided the opportunity to overhaul RadioShack’s image.

In recent years, RadioShack has faced losses due to failing sales strategies focused around smartphones, and are planning to change their focus to other entertainment gadgets like headphones and smartphone cases.

It is still unknown which of RadioShack’s 4,500 stores stores will close or when the closings will begin.

Read more from the Wall Street Journal.