- Front Porch
It still wasn’t clear Wednesday which of the 68 RadioShack stores in Connecticut would be closing following the company’s announcement this week that 1,100 under-performing stores would be shuttered nationwide.
“RadioShack will maintain market coverage as part of the plan, with over 4,000 stores in the RadioShack footprint,” a spokesman for the Texas-based company said. “We will have information to share in the future.”
The hobby and electronics chain has stores at Westfield Meriden mall and also in Cheshire, Wallingford, Southington and North Haven. The number of stores in Connecticut is modest compared to more than 200 in states such as Texas, Illinois, New York, Pennsylvania and California.
RadioShack recently reported a net loss of $191.4 million or $1.90 per share last quarter, compared with a loss of $63.3 million, or 63 cents a share last year.
Revenue dropped 20 percent to $935.4 billion and same-store sales slumped 19 percent.
The closings require lender approval and are subject to landlord negotiations.
A spokeswoman for Westfield Meriden mall said she has not had any communication with the chain. A person who identified himself as a store manager at the mall said he had not heard from RadioShack either.
RadioShack is trying to reshape its image as a more modern brand that can attract younger shoppers. Its recent Super Bowl ad poked fun at it’s 1980’s image and announced its “Do it Together” campaign.
But some say the rebranding might be too little too late.
Sean Moore, president of the MidState Chamber of Commerce, said throwaway technology contributed to RadioShack’s troubles.
“For years, RadioShack was the go-to place for supplies and parts for the hobbyists and do-it-yourselfers,” Moore said. “The two big game changers were the floods of new competition and the significant price reductions on consumer electronics. RadioShack thrived in a time when there were no Apple Stores or mobile phone stores and no Internet.”
In 1990, a decent PC was around $3,000 and soon thereafter computer enthusiasts would upgrade to add a larger hard drive or more memory, Moore said. Now a PC is about a tenth of the price with significantly more processing power.
“Lower pricing of electronic consumer goods means lower profit margins and a ‘throw it away’ mentality,” Moore said. “Why fix it when you can get the newest model for around the same price?”
Four charged after man stabbed in neck outside Meriden residence …
MERIDEN — A police investigation led to the arrest of four people this month on assault charges stemming from a fight outside a Springdale Avenue … more ...
Worm found in Wallingford school lunch, administration confirms …
WALLINGFORD — A worm discovered in a fruit cup served for lunch at Sheehan High School has prompted concern among some parents. The director of … more ...
Meriden Animal Control at capacity, can’t take any more dogs …
MERIDEN — With only six open kennels, animal control officers face restrictions on being able to take dogs in. Animal control officerSarah Bacon said of … more ...
Wilcox principal on leave, letters detail ‘leadership and communication’ issues …
MERIDEN — Lisa Hylwa, the principal of Wilcox Technical High School, was placed on administrative leave in January pending an investigation by the state technical … more ...
Police: Former employee and accomplice stole cash register from Meriden …
MERIDEN — Two city women face burglary charges after police say they stole a cash register from a Colony Street restaurant. The owner of the … more ...