I’ll admit I have a soft spot in my heart for Radio Shack. I used to be the king of radio and cassette “Y” adapters. My grandfather was a loyal member of the free battery club. So it pains me, a bit, to read this story from the AP:
Electronics retailer RadioShack Corp. on Friday said fourth-quarter earnings dropped 62 percent and said it plans to close 400 to 700 underperforming stores and distribution centers in Charleston, S.C., and Southhaven, Miss., as part of a plan to improve its financial performance.
And on top of that, their CEO has a truthiness problem:
RadioShack Corp. Chief Executive David Edmondson said he lied about his academic record, leading the electronics retailer’s board to hire a lawyer to advise it on the matter, according to statements released by the company late on Wednesday.
The questions about Edmondson’s education — and the revelation that he has been involved in several alcohol-related driving incidents — left analysts wondering if he could survive in his position.
I think there still may be a niche for Radio Shack these days, but I’m not sure exactly what it is, especially now that I get all my little electonic accessories from eBay, and I really don’t need a WeatheRadio. So I’ve got a question. Do you have an answer for Radio Shack’s future?
UPDATE: David Edmondson resigned today.
Dan Goldgeier
David Burn
Shawn Hartley
Wade Sturdivant