"Out with the old, in with the new RadioShack."
That's the promise RadioShack (NYSE: RSH) made in its epic Super Bowl commercial; then came news the chain would be shuttering 500 stores.
Unnamed sources reportedly shared details of the closings with The Wall Street Journal, however, a spokesperson from RadioShack called the story a rumor.
"This is a rumor and we don't comment on rumors and speculation," said RadioShack spokeswoman Merianne Roth.
RadioShack has been in the midst of a massive turnaround effort after reporting declining sales and sinking revenue for seven consecutive quarters. The company raised funds for its restructuring in October, securing $835 million in loans to refinance debt of about $625 million.
Analysts have partly attributed RadioShack's decline to a lack of upgraded branding to digital-savvy consumers, which is why the company's Super Bowl commercial was a big hit. The company made fun of itself, but also hinted at better things to come moving forward.
The Fort-Worth based retailer owns and operates close to 4,500 stores in the U.S.
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