Radio Shack Closings Expected

Radio Shack one of your local retailers? Listen up.

RadioShack Corp., whose chief executive officer admitted this week to lying about his academic record, on Friday said quarterly profit plunged 62 percent after a switch in wireless providers led to a large inventory write-down.

The consumer electronics retailer, which is hiring legal counsel to investigate the admission by CEO David Edmondson, also announced a new turnaround plan that includes closing 400 to 700 company-operated stores. It said the plan could result in costs of up to $100 million.

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