Two retail chains with a Centre County presence announced this week they would be closing multiple stores in an effort to mitigate dismal fourth-quarter losses.
RadioShack announced Tuesday the electronics retail giant will close roughly 20 percent of its stores, but the company would not disclose locations of stores on the chopping block or when they would close.
On Thursday, Staples Inc. announced it would close more than 200 stores nationwide by the end of 2015.
RadioShack, which has 232 stores in Pennsylvania, plans to shutter as many as 1,100 underperforming stores nationwide, leaving about 4,000, according to the company.
There are three stores in Centre County: in the Nittany Mall; in North Atherton Place in Patton Township; and a privately owned store in Philipsburg, Vaux Electronics.
None of the locations would comment on possible closings, and RadioShack’s public relations department at its Fort Worth, Texas, headquarters issued only this emailed statement:
“We are not releasing a store closing list at this time. However, RadioShack will maintain market coverage as part of this plan, with more than 4,000 U.S. stores in the RadioShack footprint. We will have information to share in the future.”
RadioShack’s fourth-quarter financial results, issued Tuesday, saw a net loss of $191.4 million in the quarter ending in December, according to the company. In the same quarter of 2012, it lost $63.3 million.
“Our focus on the brand, our operations, and the in-store experience has been unfolding in parallel with a strategic review of our store footprint, company CEO Joseph Magnacca said in a news release. “Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles — location, area demographics, lease life and financial performance — in order to consolidate our store base into fewer locations while maintaining a strong presence in each market.”
Another store that sells electronics in Centre County, Staples, announced Thursday it would be closing 225 office supply stores by the end of 2015.
There are 91 Staples stores in Pennsylvania, and one location in Centre County, at 1646 N. Atherton St., next to the Best Buy. Store management referred all calls to corporate public relations.
“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,” Chairman and CEO Ron Sargent said in a news release.
The company would not say which stores would be closing.
The company, headquartered in Framingham, Mass., said the closures are part of a plan to save $500 million, according to the company.