06 March 2014 (08:17 UTC-07 Tango)/04 Jumada l-Ula 1435/15 Esfand 1392/06 Ding-Mao 4712
At he beginning of 2014 Radio Shack announced it will close 500 stores. That was before they compiled their crappy Xmas 2013 sales. Turns out Santa decided to take a dump down their electronic chimney!
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- This Chubbuck, Idaho, RadioShack now on the hit list.
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- The Sun is permanently setting on this Pocatello, Idaho, RadioShack!
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- Could this Pocatello, Idaho, Staples get the axe in 2014-15? It’s located on property that used to be residential, but city officials kicked the home owners out thinking they could get more tax revenue turning it into a commercial property.
End of Gregorian year 2013 sales crashed 20% for the iconic Radio Shack. So now 1100 Radio Shacks will close down. There has yet to be confirmation as to whether this is an additional 1100 stores on top of the 500, or is this the final 2014 total? An investor/ bankruptcy analyst says Radio Shack is in a death spiral: “They can continue to operate but they are in a cash-flow negative spiral and that doesn’t usually reverse itself.”-David Tawil
In the late 1980s I worked at a Lompoc, California, Radio Shack. I lost my job when I tried to blow the whistle on a scam the lead sales associate was running with the electronic repairs. The guy would take customers’ broken electronics, charge them the usual Radio Shack fees to send it back to Texas for repair, but instead he did the work himself. People started complaining because many of the repair jobs were failures, and some people never got their items back. I found some repair orders sitting in a closet that had receipts dated from more than a year earlier! I quickly learned the store manager was involved because I lost my job when I told him about the scam.
Now comes Mitt Romney’s wunderkind Staples. Their end of year revenues were were so bad they’ve just announced they will close 225 stores by the middle of 2015!
Santa’s dump on Staples was so big that company officials say they need to cut $500-million USD! It’s blamed on increased competition from the merged Office Max/Office Depot.
Staples shutdown 40 U.S. stores in 2013.