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Radio Shack to shutter 1,100 stores after $191 million loss

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US consumer electronics retailer RadioShack said Tuesday it would close up to 1,100 stores, one fifth of its total, in an effort to turn the struggling chain around.

Chief executive Joseph Magnacca said the move was necessary after tough competition and lower traffic left the company with a $191 million loss in the fourth quarter, triple the year before, and a $400 million loss for all of 2013.

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The closures would cut the company’s stores in the United States to around 4,000, including franchise locations; RadioShack did not say how many jobs would be affected.

Challenged by other retailers and online sales, RadioShack has suffered falling turnover and a shrinking customer base.

The store cuts were far deeper than media reports in early February that RadioShack was planning 500 closures. RadioShack shares plunged 12.2 percent to $2.39 in late-morning trade on the New York Stock Exchange.

Total revenues fell 11 percent to $3.4 billion last year, and were down 20 percent in the fourth quarter, the crucial holiday shopping period, the company said.

“Even in this environment, we’re continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility,” said Magnacca in a statement.

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2020 Election

Joe Biden has one key coronavirus question he wants answered: ‘Where are the tests, Mr. President?’

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Despite the inability to hold campaign rallies, the 2020 presidential campaign is continuing in spite of the COVID-19 coronavirus crisis.

With the response to coronavirus being the top public policy discussion in America, all eyes are focused on President Donald Trump's actions.

Trump had promised the nation that he would set up COVID-19 drive-thru testing sites in the parking lots of big-box retailers but has so far failed to deliver.

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Banks are causing a cash crisis by tightening lending standards during coronavirus crisis

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Major banks in America are tightening access to credit as coronavirus shutdowns put households across America in dire financial shape, The Wall Street Journal reported Saturday.

"Banks and financial-technology firms are starting to toughen their approval standards for new loans to consumers and small businesses. That means many people could find it hard to get credit just when they most need it, as the novel coronavirus pandemic puts thousands out of work," the newspaper reported.

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BUSTED: Florida’s GOP governor illegally denied Miami Herald access to coronavirus briefing

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Gov. Ron DeSantis denied the Miami Herald access to a COVID-19 coronavirus briefing, the newspaper's Tallahassee Bureau Chief reported Saturday.

"Gov. Ron DeSantis decided to violate the state's public meeting laws and chose to exclude the Miami Herald and Tampa Bay Times from a media briefing at the Capitol," Mary Ellen Klas reported.

"His media staff told another reporter, NSF's Jim Turner, that if he insisted that we be allowed in, Turner would be kept out," she noted.

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