NEW YORK (CNNMoney) — Electronics retailer Shack plans to close as many as 1,100 stores — or nearly 20 percent of its locations.
The company said Tuesday that the closings will leave it with more than 4,000 stores, including 900 operated as franchise locations.
Radio Shack also reported that sales at stores open at least a year fell 19 percent in the last quarter, which included the important holiday shopping period. It blamed the drop on traffic declines and weak sale of mobile devices such as cell phones. It’s net loss in the period roughly tripled.
Shares of Radio Shack plunged more than 20 percent in premarket trading on the news.