Our network

Business

RadioShack to close 1,100 stores

(USA TODAY) -- After reporting dismal fourth-quarter earnings, RadioShack said Tuesday that it would close about 1,100 poorly performing stores, roughly 20% of the electronic retailer's locations.

The store closings will leave about 4,000 locations in the U.S. The company has been struggling to revamp its stores for the past year.

Total net sales and operating revenues were $935.4 million in the fourth quarter, vs. $1,171.4 million last year, a 20% decline. Comparable store sales were down 19%, which the company blames on poor performance in its mobile phone business.

RadioShack stock was down more than 20% in premarket trading.

"Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility," CEO Joseph C. Magnacca said in a statement.

Best Buy to cut hundreds of jobs

(BUSINESS JOURNAL) -- Best Buy Co. Inc. plans to cut hundreds of jobs throughout its U.S. store operations, according to a report in the New York Post.

The article, citing anonymous insiders, says the "layoffs could affect upwards of 2,000 managers," though the exact scope isn't known. The retailer does not plan to close any of its 1,055 U.S. stores at this time.

Best Buy, which reports its fourth-quarter earnings on Thursday, declined to comment. The chain has 19 stores in metro Atlanta.

Late last month, Best Buy announced it was laying off roughly 950 full-time employees at its Best Buy and Future Shop stores in Canada as part of a store-restructuring initiative. The company said it will consolidate sales departments and reduce management layers in an effort to "streamline its store operating model as part of the company's long-term growth strategy in Canada."

RadioShack to close 500 stores

(ATLANTA BUSINESS CHRONICLE) -- RadioShack scored big points with its comedic 1980s-themed Super Bowl ad that poked fun at the retailer's outdated image, but the mood was more somber on Tuesday when news broke that around 500 stores will close in the coming months.

WATCH | RadioShack Super Bowl ad

The Wall Street Journal says it isn't clear which of the Fort Worth, Texas-based company's 4,300 stores will be closed or when.

The closings are part of a restructuring. Says the WSJ, "The retailer has struggled to reverse a string of losses deepened by a sales strategy focused around smartphones, which failed to improve revenue over the past two years."

Grocery is the #1 holiday purchase! Research shows where consumers are spending this holiday season

Grocery is the #1 holiday purchase! Research shows where consumers are spending this holiday season

With all the hype and Black Friday campouts at Best Buys and Toys R Us, you'd guess that the majority of holiday shopping budgets go to purchases like electronics, toys and clothing. But according to new research, the biggest share what comes out of your holiday wallet actually goes to ... groceries and restaurants.

New data from Card-Linked Marketing leader Cardlytics -- collected from millions of U.S. households over the past two years -- shows what consumers actually spend their money on during the holiday season.  When it comes to holiday shopping Americans are spending 24% of their budget on groceries followed by restaurants and apparel.  Toy purchases are actually at the bottom of the list.

The Top 10 Share of Wallet (see link/attached for graphics and pie charts for 2011 and 2012 holiday spending):

1. Groceries - 24%

LittlePINKBook.com invites women to join conversation Nov. 12 with top female executives

LittlePINKBook.com invites women to join conversation Nov. 12 with top female executives

ATLANTA -- LittlePINKBook.com, America’s No. 1 digital platform for career women, will host its 9th Annual Fall Empowerment Event on Tuesday, Nov. 12. Top-level female executives will share their experiences with rising through the corporate ranks to an audience of like-minded, successful women motivated to get there.  

Executives on the panel will be asked questions from the event’s moderator, Carol Costello, anchor at CNN Newsroom, Little PINK Book’s CEO and Founding Editor Cynthia Good as well as attendees. Panelists include:

Sad day for Atlanta couponers: The end of Kroger double coupons

Sad day for Atlanta couponers: The end of Kroger double coupons

ATLANTA -- The wave of couponers' cries heard in the Midwest and Texas has finally hit the Southeast!

For years, we have enjoyed the everyday doubling of coupons $0.50 and less. We got FREE items because of this great policy and it made handling an almost impossible budget easier for us couponers and savvy shoppers.

While I am not saying that this will hurt us (I will be posting some other things Kroger is doing), it does have me wondering -- in this competitive Atlanta market, where we use more coupons per capita then ANYWHERE in the US -- how will this fare? Will Publix jump on the bandwagon?

The end of double coupons becomes effective September 21, 2013. For this couponer, I will be having to double check my shopping list with this new rule. It's not fun, but a lot of new things are coming from Kroger, and I think this is why the program of double couponing is ending.

Forever 21 reducing work hours due to ObamaCare

(ATLANTA BUSINESS CHRONICLE) -- Forever 21 Inc. is the latest national company to cut employee hours to counter the impact of ObamaCare.

RELATED | Forever 21 among companies that put faith first

Policymic.com reported Forever 21 will limit non-management workers' hours to 29.5 a week, which is a hair below the 30-hour minimum ObamaCare considers full-time employment.

The changes begin Aug. 31, according to the policymic.com story.

RELATED | Insurance premiums could increase under ObamaCare