Radio Shack Plans Massive Store Closure And The Stock Is Crashing

Electronics retailer Radio Shack just released its Q4 financial results, and the numbers are ugly.

The company reported an adjusted net loss of $1.29 per share, which was much worse than the $0.13 expected by analysts.

"Our fourth quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues," said CEO Joseph Magnacca.

Management announced plans to close 1,100 "underperforming" stores.

"We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations," added Magnacca.

The stock is down by over 25% in pre-market trading.

More to come...