RadioShack expects to close up to 1,100 US stores, or about 20 percent of its storefronts the company announced on its Tuesday morning earnings call.
The company also reported its fourth-quarter sales were down 19 percent for the holiday quarter. Shares dropped about 28 percent premarket as the struggling electronics retailer's results were considerably worse than market expectations.
The company said it will continue to have about US 4,000 locations.
Chief Executive Joseph C. Magnacca said the poor results were driven by lower store traffic, intense discounting particularly in consumer electronics and a "very soft" mobility marketplace, as well as a few operational issues. Despite all those problems, he said the retailer is making progress on its turnaround.
This article originally appeared on MarketWatch.com.
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