You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

RadioShack may close stores or sell assets


RadioShack Corp. reported lower fourth-quarter sales and a loss for the year, and company officials said Tuesday the electronics retailer may have to close stores or sell assets if business does not pick up by next year, according to Reuters news service.

The electronics retailer’s stock, which had dropped 6 percent to $3.05 a share Monday, stabilized on Tuesday, rising 1 cent to $3.06.

RadioShack operates multiple stores throughout Southwest Ohio, including locations in the Upper Valley Mall in Springfield, Towne Mall in Middletown, adjacent to Bridgewater Falls in Fairfield Twp. near Hamilton, in the Mall at Fairfield Commons in Beavercreek, and in the Dayton Mall in Miami Twp. The Fort Worth, Texas-based company has more than 4,600 company-run stores in the U.S. and Mexico.

RadioShack lost $63.3 million in its fiscal fourth quarter, pressured by weaker mobile sales. RadioShack’s loss amounted to 63 cents per share for the three months ended Dec. 31. A year earlier it reported net income of $11.9 million, or 12 cents per share. For the year, RadioShack Corp. lost $139.4 million, or $1.39 per share. The company reported net income of $72.2 million, or 70 cents per share, in the prior year.

“The most significant contributing factor to the decline in our performance was the postpaid wireless business which saw a decline in transaction volume across the year, combined with a lower margin rate,” Dorvin Lively, executive vice president, chief financial officer, said Tuesday in a news release.

Former Walgreen Co. executive Joseph Magnacca took over as RadioShack’s new CEO earlier this month, replacing James Gooch, who stepped down as RadioShack’s CEO in September after only a year and a half on the job.

The Associated Press contributed to this report.


Reader Comments ...


Next Up in Business

Some worry over impact from health care law repeal
Some worry over impact from health care law repeal

The U.S. House of Representatives on Friday joined the U.S. Senate in passing a budget reconciliation measure that would allow Congress to de-fund key elements of the Affordable Care Act, including tax credit subsidies and federal funding for Medicaid expansion in states like Ohio. While some are rejoicing over the move, replacing President Obama&rsquo...
Will Obamacare repeal leave people in the lurch?
Will Obamacare repeal leave people in the lurch?

As Congress moves forward on a resolution to repeal the Affordable Care Act, experts have warned such a measure could crash the law’s commercial insurance program, jeopardizing coverage for 11.5 million Americans, including more than 230,000 Ohioans. But local industry leaders remain hopeful that congressional Republicans — who are leading...
Holiday retail sales up, but some stores suffering
Holiday retail sales up, but some stores suffering

Retail sales hit about $658 billion for the holiday season, but several chain retailers still announced the closures of hundreds of unprofitable brick-and-mortar stores in January — including several stores locally. “These numbers show that the nation’s slow-but-steady economic recovery is picking up speed and that consumers feel...
Hospitals on standby as Obamacare repeal moves forward
Hospitals on standby as Obamacare repeal moves forward

Local hospital executives are waiting to react after the U.S. House of Representatives took another step toward repealing the Affordable Care Act, voting Friday to pass a budget resolution already passed by the Senate a day earlier that would allow Congress to change portions of the law. President-elect Donald Trump, who takes office on Jan. 20, has...
Employers track medication use to combat abuse
Employers track medication use to combat abuse

Prescription drug abuse is at the forefront of human resources issues for many employers in Ohio — the epicenter of a national heroin and prescription drug epidemic that resulted in more overdose deaths last year than fatal car wrecks in the state. To address the problem, an increasing number of employers are examining the medications their employees...
More Stories