RadioShack's tale of woe gets worse

Struggling electronics retailer RadioShack reported dismal results for its latest quarter Thursday, but its CEO touted success during the Thanksgiving weekend and announced plans to slash costs to help get it back on track.

According to CNNMoney, the company reported a net loss of $161 million for its quarter ended Nov. 1.

Sales also dropped 16 percent from a year ago to $650 million.

CEO Joseph Magnacca said same-store sales during the recent holiday were up from a year ago. However, smartphone sales plunged, a problem he said needs fixing.

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