RadioShack Corp. To Close 1,100 Stores, Company Reports

English: A Radio Shack store in the Plaza Cara...

English: A Radio Shack store in the Plaza Caracol shopping center on Boulevard Francisco Medina Ascensio in the city of Puerto Vallarta, Jalisco, Mexico. (Photo credit: Wikipedia)

RadioShack Corp. said it plans to close up to 1,100 stores in the U.S. and reported a wider quarterly loss after a disappointing holiday season.

Its stock tumbled 24 percent in premarket trading today and was down 11 percent at 2.42 after opening on the New York Stock Exchange.

CEO Joseph Magnacca said in statement that the store closings would leave RadioShack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn’t immediately identify which stores will be closed or how many jobs would be affected.

There are several stores in the Lehigh Valley, including stores within a mile of each other in Palmer Township.

Read more: http://www.lehighvalleylive.com/breaking-news/index.ssf/2014/03/radioshack_to_close_1100_store.html

Enhanced by Zemanta

Closing Of Newark Star-Ledger Possible

The Star-Ledger

The Star-Ledger (Photo credit: Wikipedia)

NEWARK – Owners of the Star-Ledger plan to close New Jersey’s largest newspaper by year’s end if production unions don’t make concessions in contract negotiations, the publisher said Wednesday.

In a letter to staff, publisher Richard Vezza said the company felt “pushed into a corner” by the unions, whose contracts expire in July.  Vezza said they have until Sept. 27 to make compromises or else the paper will shut down.

“This is not a threat.  This is reality,” Vezza said in an interview.

The paper’s website, www.nj.com, is owned by a separate company and will continue to publish “no matter what happens with the Ledger,” Vezza said.

Read more at http://www.philly.com/philly/business/20130627_Closing_of_Star-_Ledger_possible.html#bdzrJUzhQ0AOWDGl.99

Postal Service Is On Its Last Legs, With Little Help In Sight

English: U.S. Post Office Lincoln Branch in Ma...

English: U.S. Post Office Lincoln Branch in Madison Township near Mansfield, Ohio. This United States Postal Service branch closed its doors at 4:30 p.m. on Friday February 11, 2011 due to the fiscal crisis that the United States Postal Service is in as of 2010-2011 and the drastic decline in mail volume. (Photo credit: Wikipedia)

WASHINGTON — With a wide grin and a quick step, letter carrier Kenny Clark brings more than the day’s mail to the people on his route in suburban Maryland.

Clark, 49, greets nearly everyone he sees by name. He puts packages under eaves on overcast days to keep them dry, reminds people to retrieve keys they might have left in keyholes, and shouts a quick “You OK?” at the doors of seniors.

“He’s a neighborhood icon — him and his truck,” said Amy Dick, who lives on Clark’s route.

But his future, and that of the U.S. Postal Service, is in doubt. The Postal Service lost $1.9 billion between January and March, and $15.9 billion last year. The 238-year-old institution loses $25 million each day, and has reached its borrowing limit with the federal Treasury. Daily mail delivery could be threatened within a year, officials say.

Read more:  http://www.mcall.com/news/nationworld/la-na-postal-service-20130528,0,4812985.story