FORT WORTH (May 10, 2014) Fort Worth-based RadioShack is scaling back plans to close up to 1,100 stores after it failed to come to an agreement with lenders.
In March RadioShack announced an aggressive plan to close stores to stop the bleeding as losses piled up.
The original agreement with creditors allowed for the shuttering of only 200 stores each year, with a maximum of 600 closings in all, but when the company announced the store closings, it also reported losses of $400 million for 2013, much wider than the $139 million in losses it posted in the prior year.
On Friday, the company said that terms on which lenders would consent to the more aggressive plan weren't acceptable.
RadioShack, with more than 4,000 U.S. stores, says it will find other ways to cut costs.