Radio Shack Closes 1100 Stores; Another Bitcoin Exchange Shuts Down
Stocks rebounded today after drastically dropping yesterday, with the S&P 500 even climbing enough to end the day with yet another record high. The Dow Jones also recovered nicely today with a 224-point gain, which is its biggest gain of the year. Radio Shack (RSH) announced that they will be closing approximately 20% of its locations, which equates to 1,100 poorly performing stores. Radio Shack feels that closing this many stores will help remake itself in this competitive era of "electronic retailing". Only one week after Bitcoin exchange Mt. Gox suddenly shut down another exchange, Flexcoin, announced that they will also be shutting down.Flexcoin said that they were attacked by hackers and robbed of all 896 of its Bitcoins, which were valued at over $600,000. Flexcoin stated that it does not have the means to recover from this attack thus they are closing up shop.
Word on the Street
- Radio Shack (RSH) will close 1,100 stores.
- Flexcoin shuts down after being robbed.
- J.C. Penney's (JCP) Oscar sponsorship paid off.
- Will J. Crew be acquired by Uniqlo?
- General Motors (GM) expands recall to 1.4 million vehicles.
- Facebook (FB) in talks to purchase drone maker.
- DISH Network (DISH) signs landmark deal with Disney.
Published on Mar 4, 2014By InvestorGuide Staff