Posted by Dale Buss on June 11, 2014 07:29 PM
RadioShack has the look of a company re-arranging deck chairs on a corporate Titanic, trying every possible new trick in order to avoid a demise of the brand that seems to grow more inevitable every day.
The chain’s latest gambits? Crowdsourcing ideas for products that it will have produced and then sell in its stores, as well as expanding a quick fix-it service.
On Tuesday, RadioShack posted a 14 percent drop in same-store quarterly sales and a widening loss of $98 million, blaming its continuing decline on an industry-wide slowdown in US spending on consumer electronics and the evaporation of big subsidies from cell-service companies as well as intensifying competition from wireless carriers’ own retail outlets. The company is closing 200 stores this year, scrambling for cash and credit, slashing expenses and watching its stock tank.
“The entire team is mindful of every dollar we’re spending” as the chain tries to repair the gaping holes in the RadioShack roof, CFO John Feray told investors.Continue reading...
Posted by Shirley Brady on June 9, 2014 08:57 AM
TOP 5 STORIES
adidas partners with YouTube for The Dugout World Cup streaming channel, and leads FIFA sponsors calling for an inquiry into Qatar's bid. Above, its latest World Cup spot (with David Beckham, Lucas Moura, Zinedine Zidane and Gareth Bale), which has passed 9 million views since Friday.
Tyson Foods wins bidding for Hillshire Brands.
Amazon starts managing payments for third parties.
Barclays joins wearable tech revolution with contactless payment wristbands.
Gap Inc. becomes first US retailer in Myanmar with Old Navy and Banana Republic manufacturing.Continue reading...
Posted by Dale Buss on May 12, 2014 09:33 AM
TOP 5 STORIES
Citroen becomes second automaker to name female CEO.
Disney aims to expand Frozen success to other platforms.
Hillshire Brands acquires Pinnacle Foods in $6.6 billion deal.
Ford tries to avert launch problems in big new-product year as it issues two more recalls on Escape.
Samsung reports chairman is stable after heart attack and surgery as company sets sights on biotech.
MORE BRAND NEWS:
Apple/Beats tie-up (still unconfirmed) faces skeptics.
AT&T interest in DirecTV reportedly heats up.
Audi strives to maintain lead despite product trough.
BMW triples carbon-fiber capacity in US plant.
Citizen plans first retail concept store in North America.Continue reading...
Posted by Dale Buss on March 6, 2014 03:42 PM
Is it only online sales? Dwindling incidence of printing from the computer? Or are the winter weather, slow-growth economy, and dollar stores also to blame for the fact that Staples has become the second major chain this week to announce a mass closing of stores.
The nation's largest office-supply company, one that helped remake the face of American retailing a generation ago into a collection of "big boxes," said it's going to close more than 10 percent of its North American stores by the end of next year, up to 225 of them, as part of a plan to save about $500 million a year.
The reason cited is that nearly half of Staples' sales now are online, both to businesses and consumers, and it must adjust. "This is essential," Staples CEO Ron Sargent told analysts, according to the Associated Press in describing his plan to "fundamentally reinvent" Staples.Continue reading...
Posted by Mark J. Miller on March 4, 2014 12:52 PM
RadioShack Joe Magnacca has pulled every rabbit out of the retailer's tattered hat. The embattled electronics brand has shuffled executives, changed its logo, redesigned its stores, and even had one of the most popular Super Bowl commercials.
But to no avail. RadioShack has continued its downward spiral and has announced with its fourth quarter earnings that it will close 1,100 of its retail locations after reporting dismal fourth-quarter numbers.
Sales during the prime holiday-season were $935.4 million, down from the $1.17 billion made in the same quarter a year earlier and significantly lower than the $1.12 billion analysts, on average, were looking for, Reuters reports.
Stores that had been open for at least a year saw sales fall 19 percent. In 2012’s fourth quarter, the company’s net loss had been $63.3 million. This time, it was $191.4 million. The news inspired the company’s stock to drop almost 24 percent.Continue reading...
Posted by Dale Buss on March 4, 2014 09:14 AM
Perdue launches first campaign for antibiotic-free products.
RadioShack closes 20 percent of stores.
Microsoft reboots its marketing brain trust as new CEO Nadella shakes up ranks.
Apple goes on hiring binge in Asia to speed product releases and leaves Pandora out of CarPlay.
BMW plans to hit sales target early.
BP suffers major blow over Gulf spill claims.
Boeing could face problems over Ukraine tensions as auto brands also face concerns.
Burger King adds Satisfries to kids' meals.
Chipotle cooks up program with Major League Soccer.Continue reading...
Posted by Dale Buss on February 5, 2014 09:02 AM
CVS quits selling tobacco products, standing to lose $2 billion in sales, and draws plaudits from President Obama and the Twitterverse.
AT&T becomes first Olympics brand to condemn Russia anti-gay policy.
MINI rolls out biggest US campaign.
Google reaches antitrust deal with EU.
McDonald's shows how McNuggets are made.
RadioShack plans to close 500 stores under restructuring.
3M launches $12 billion stock buyback.
Adidas sues Under Armour over patents.
Chrysler says Ram diesel gets 28mpg rating.
Jaguar Land Rover pushes back China production to 2015.
Mazda targets record profits.
Mercedes-Benz global sales rise sharply.
Michael Kors expands in menswear.Continue reading...
Posted by Dale Buss on February 3, 2014 09:23 AM
Apple meets with FDA over mobile medical apps and reportedly explores alternative energy sources.
Chrysler posts 8 percent increase in January sales and re-brands to "America's Import" in Super Bowl.
Walmart cuts outlook as new CEOs take office on Feb. 1.
AT&T cuts family-plan mobile pricing as competition heats up.
Bacardi shakes up safety efforts at Jacksonville plant after death.
Bank of America reaches $8.5 billion settlement.
Facebook toys with anonymity.
Honda touts vehicles' safety performance in wake of Bruce Willis Super Bowl ad.
Jos. A. Bank rebuffs Men's Wearhouse again.
Keystone XL gets a green light.
Maserati touts its return to US in Super Bowl spot.Continue reading...