RadioShack Reports New Losses This week, RadioShack reported greater-than-expected quarterly losses, in addition to the departure of their current financial chief. These events are only the latest in a series of signs that the company needs a new direction. RadioShack, once one of the most popular electronics retailers, has seen steady losses throughout the past decades with the rise of online shopping and competitors like Best Buy. Their newly appointed CEO, Joe Magnacca, was hired with the hope that he could transform the public perception of the company. Magnacca believes that the company can succeed, and that time is the only thing they need. However, several business analysts believe that time is quickly running out. While Magnacca is working towards shifting the company in a profitable direction, many remain doubtful that it is possible. Even giant stores like Best Buy have been shutting down their physical locations, instead choosing to focus on smaller mobile stores and online sales. Magnacca has announced no plans to switch to an online-only model, but some predict that the company will not be able to survive in the physical retail environment for much longer. The company has been in debt following several years of decreased sales, and there are reports that they are attempting to refinance. Many believe that the company hasn’t done much to change their image, despite talk from Magnacca suggesting that they are working toward appealing to a younger crowd. Although RadioShack does sell mobile phones, they have not been as successful in selling them compared to stores like Best Buy and Wal-Mart. The company has also featured several discounted products in an attempt to get rid of inventory, but these discounts are slowly eating into their profits. While the future of RadioShack remains uncertain, something drastic must be done in order to restructure public perception of the company. However, with chains like Best Buy shutting down, RadioShack may not be far behind. Downloaded from http://www.wikihow.com