FORT WORTH, Texas (AP) -- RadioShack is scaling back on plans to close up to 1,100 stores after it failed to come to an agreement with lenders.
Fort Worth-based RadioShack in March announced a plan to aggressively close stores to stop the bleeding as losses piled up. The original agreement with creditors allowed for the shuttering of only 200 stores each year, with a maximum of 600 closings in all.
But when it announced the store closings, it also reported losses of $400 million for 2013, much wider than the $139 million in losses it posted in the prior year.
On Friday, the company said that terms on which lenders would consent to the more aggressive plan weren't acceptable.
RadioShack, with more than 4,000 U.S. stores, says it will find other ways to cut costs.
KDFW FOX 4
Main Station Directory:
Didn't find what you were looking for?