RadioShack Will Shut 500 Stores

RadioShack Corp. (Fort Worth, Texas), which on Sunday received high marks for its Super Bowl ad, is planning on closing 500 stores in the coming months.

Bloomberg News reported, according to people familiar with the matter, that it isn’t yet clear which of RadioShack's roughly 4300 stores will be closed, or when.

In its commercial on Sunday night, RadioShack poked fun at its outdated image by bringing in a crowd of throwback characters from the 1980s, including Hulk Hogan, Erik Estrada and Alf, who said the 80s wants its stores back and proceed to tear out the shelves and haul away products.

Last year, RadioShack executives said the company would resist shrinking its store footprint, focusing instead on reinventing the brand's image.

“I think we're a 4000-plus network,” ceo Joe Magnacca said in November. “My job is to make sure that we've got the market covered.”