WSJ: RadioShack To Close About 500 Stores

(RTTNews) - Consumer electronics retailer RadioShack Corp. (RSH) plans to close about 500 stores in the next few months, the Wall Street Journal reported, quoting people familiar with the matter. The sources told the WSJ that it is not uncommon for companies to close stores while undergoing a restructuring.

The timing of the closure or which all locations will be closed is not yet clear. The company has about 4,300 stores.

RadioShack has been trying for an image makeover, after several quarters of poor performance. Last Sunday, it aired a new commercial during the Super Bowl, which showed the stores being dismantled and rebuilt.

In July 2013, the company had said that it is rolling out a new brand image, and would see changes in branding and advertising soon.

RSH closed down 4.8 percent on Tuesday at $2.36. The stock fell 0.9 percent in the extended trade.