Glasgow Daily Times, Glasgow, KY

Local News

March 7, 2014

National chains announce some stores will close

Fate of local Radio Shack, Staples unknown

GLASGOW — Two national retail chains with locations in Glasgow announced this week they will be closing stores nationwide.

The parent companies for Radio Shack, traditionally known as a niche store for electronic supplies, and Staples, which focuses on office supplies, announced the planned closings in press releases issued within two days of each other. The futures of the Glasgow stores – Radio Shack is at 203 N. L. Rogers Wells Blvd., and Staples is at 204 S. L. Rogers Wells Blvd. – were not immediately known.

The Daily Times left a telephone message at Radio Shack corporate offices in Fort Worth, Texas, on Friday, which was answered by email.

“We are not releasing a store closing list at this time,” said the statement from Radio Shack media relations. “However, Radio Shack will maintain market coverage as part of this plan, with more than 4,000 U.S. stores in the Radio Shack footprint. We will have information to share in the future.”

Meanwhile, a prerecorded message from Staples public relations director Carrie McElwee asked that she be contacted by email and included a prepared statement: “We do not have additional details to share on specific locations.”

Staples had not responded to emailed questions by Friday afternoon, but the company’s CEO made some statements on a conference call this week.

“Stores have to earn the right to stay open. We are committed to making tough calls when it’s necessary,” said Staples CEO Ronald Sargent, according to Bloomberg Businessweek.

While the release from Staples indicated it would close 225 stores, it also said there had been a 10 percent growth in online sales in the most recent quarter.

“With nearly half of our sales generated online today, we’re meeting the changing needs of business customers and taking aggressive action to reduce costs and improve efficiency,” Sargent said.

Staples shuttered 42 stores in North America last year, ending 2013 with 1,846 in the region.

Radio Shack announced Tuesday its plans to close 1,100 stores in the U.S. CEO Joseph Magnacca said the closures would leave Radio Shack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn’t immediately disclose how many jobs would be affected, the Associated Press reported.

The Glasgow Radio Shack is a company-owned store.

Sales at stores open at least a year – a key indicator of a retailer’s health – sank 19 percent, according to the AP.

“Since I joined the company, it has been clear we need to change the conversation about Radio Shack,” Magnacca said during a call with analysts.

The company said that the stores targeted for closures are being selected based on location, area demographics, lease duration and financial performance.

Read more in the print or digital Glasgow Daily Times. http://glasgowdailytimes.cnhi.newsmemory.com/

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