RadioShack is Now a Penny Stock? What Happened?
RadioShack has officially dropped below $1 a share for the first time in its company history. The troubled electronics store closed out stock shares at $0.92 before the weekend.
"RadioShack’s stock peaked at more than $75 in the late 1990s. Some of the most dramatic losses have come in recent years," reports Time. "The company lost $400 million in 2013, and, earlier this year, it announced the closing of up to 1,100 stores."
"The milestone follows a long decline for the one-time electronics retail giant. The company has struggled to adapt to consumers shopping for electronics products outside traditional stores," further reports Time. "That evolving market killed off Circuit City in 2009. Other retailers that met a similar fate include Tweeter Home Entertainment and CompUSA."
|RadioShack Stock Plummet|
RadioShack's market cap is currently recorded at $92.7 million, in comparison to its mega-rival Best Buy with $9.9 billion.
Will RadioShack next be delisted from the New York Stock Exchange? Stay tuned.
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