Dive Brief:
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At its shareholder meeting Tuesday, Hy Siegal, a RadioShack shareholder who is also a former employee and the author of a book on CB radio in the 1970s — a heyday for the electronics retailer — said the retailer needs better merchandise than the easy-to-find-elsewhere items currently found on its shelves.
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Similarly, shareholder Bernie Appel says the retailer has too long focused on cost-cutting rather than paying attention to its merchandising. A spokesperson for the company says the retailer is working on its product lines.
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Meanwhile, CEO Joe Magnacca at the meeting said it is working aggressively to lower rents and determine which of 200 stores it will close each year over the next three years.
Dive Insight:
RadioShack’s lenders have effectively slowed down the electronics retailer’s turnaround by blocking its ability to close the number of stores it wants to. Meanwhile, the criticism by a few of its shareholders likely hits the mark: RadioShack, even with its concept stores, offers products that can be found at just about any other electronics retailer.