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RadioShack Closing 500 Stores: WSJ

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RADIOSHACK LOGO
The RadioShack Corp. logo is displayed at a store in San Francisco, California, U.S., on Tuesday, Feb. 21, 2012. RadioShack said sales at mobile centers located in Target Corp. stores rose 2.2 percent in the fourth quarter. Photographer: David Paul Morris/Bloomberg via Getty Images | Getty Images
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NEW YORK - U.S. electronics chain RadioShack Corp is planning to close about 500 stores within months, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The struggling retailer, which is due to report results for the fourth quarter later this month, said it could not comment on rumor or speculation.

RadioShack has been working with bankers from Peter J Solomon Co to boost its liquidity and with AlixPartners on its operational turnaround.

Its sales have been in free-fall amid executive departures, strong competition and an image problem. Despite its ubiquitous presence in the United States, analysts say it has not done enough to transform itself into a destination for mobile phone shoppers, nor has it become hip enough to woo younger shoppers.

Chief Executive Joe Magnacca, who took the company's helm in February 2013, has said he expected the turnaround to take several quarters.

(Reporting by Dhanya Skariachan; Editing by Dan Grebler)

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