Lauren Coleman-Lochner (c) 2014, Bloomberg News. NEW YORK — RadioShack Corp. will open most of its stores on Thanksgiving for the first time, joining a growing number of retailers expanding their selling hours during the once commerce-free holiday.
More than 3,000 of RadioShack’s stores will be open on Nov. 27 from 8 a.m. to midnight, Merianne Roth, a spokeswoman for the Fort Worth-based chain, said Monday. In previous years, the company operated only a limited number of locations on Thanksgiving.
RadioShack and discount retailer Target both Monday joined the list of retailers adding hours on Thanksgiving to lure shoppers at a time of still-shaky consumer spending. The trend has diminished the importance of Black Friday — the day after Thanksgiving — which once was the traditional kickoff to holiday shopping. A holiday sales boost is especially critical to RadioShack, which has posted 10 straight quarters of losses.
“The company saw a consumer demand for more flexible shopping,” Roth said.
RadioShack Chief Executive Officer Joe Magnacca is trying to turn the chain around by revamping its merchandise and store formats. To give him more time to execute a comeback, the company obtained $535 million in additional financing last month. RadioShack had only $30.5 million in cash on its books as of Aug. 2.
RadioShack shares fell 1.7 percent to 93 cents at the close in New York. The stock has lost 64 percent of its value this year.
Target will open at 6 p.m. on Thanksgiving, two hours earlier than last year, the Minneapolis-based company said Thursday in a statement. J.C. Penney Co., Staples Inc. and Macy’s Inc. also have added hours on Thanksgiving this year.
