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Radio Shack Will Lay Off Up To 450

8/21/2006 02:00:00 AM Eastern

RadioShack will cut its workforce by approximately 400 to 450 positions across various support functions in order to reduce overhead expenses and improve its competitive position in the marketplace.

The company says the cuts will include employees at all levels at its headquarters operation. RadioShack says it does not know exactly how many employees will be affected, but that all will be notified by early September.

The move is part of a turnaround plan, first announced in February, with the goal of increasing the average unit volume of each location, lowering overhead costs and growing profitable square footage. Since the plan's announcement, the company has made several streamlining moves including closing 480 underperforming stores, consolidating distribution centers, starting a cost restructuring program and liquidating end of merchandise.