Greenfield, Athol RadioShack stores safe from corporate-owned closures
GREENFIELD — Though RadioShack announced it will close about 1,100 stores, the local store is safe.
“We are owned by a franchise, and they’re only closing corporately owned stores, so the closing has nothing to do with us,” said Andy Emond, a manager at the Greenfield store in the Big Y plaza on the Mohawk Trail.
The franchise, Future Link Corp., also owns a RadioShack in Brattleboro, Vt. Emond said the two stores each have about five employees.
An Athol RadioShack franchise owned by Audisee Electronics will not be affected by the closures, either. An employee there said the franchise employs three people.
A manager at the Northampton RadioShack confirmed that the branch is corporately owned, but could not comment on the location’s future.
The struggling electronics retailer made the announcement Tuesday while reporting a wider quarterly loss after a disappointing holiday season. Its stock tumbled 14 percent in midday trading.
CEO Joseph Magnacca said the closures would leave RadioShack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn’t immediately identify which stores will be closed or how many jobs would be affected.
A call to the company, based in Fort Worth, Texas, was not immediately returned.
The company said that the stores targeted for closures are being selected based on location, area demographics, lease duration and financial performance.
For the three months ended Dec. 31, RadioShack Corp. lost $191.4 million, or $1.90 per share. That compares with a loss of $63.3 million, or 63 cents per share, a year earlier. Excluding certain items, the company lost $1.29 per share. Analysts surveyed by FactSet expected a loss of 16 cents per share.
Revenue declined to $935.4 million from $1.17 billion. Wall Street was looking for higher revenue of $1.12 billion.
RadioShack reported a full-year loss of $400.2 million, or $3.97 per share. In the prior year it lost $139.4 million, or $1.39 per share. Its adjusted loss was $3.04 per share. Annual revenue declined 10 percent to $3.43 billion from $3.83 billion.
Shares of RadioShack fell 38 cents, or 14 percent, to $2.34. The stock is down about 22 percent in the past year.
Associated Press business writers Candice Choi and Michelle Chapman contributed to this report.