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RadioShack Corporation (RSH) Employees Lose 401k Matching

RadioShack Corporation (RSH) workers are losing their 401k matching benefits from their employer.


Source: RadioShack website

RadioShack is cutting 401k matching on Feb. 1, 2015. The company is dropping the employee benefit as part of an effort to reduce costs. Another part of this effort could see the removal of certain health benefits for employees, reports Reuters.

RadioShack has been looking at different ways to cut costs and was planning to close 1,100 stores. However, it needed lender permission to execute the plan and it was unable to do so do to fees that would be required for closing the stores, Reuters notes.

“As a result of these ongoing cost reductions, we are making several difficult but necessary decisions that will allow us to further contain costs and expenses,” Joe Magnacca, CEO of RadioShack, told The Detroit News.

RadioShack is set to release its Q3 earnings reports for fiscal 2015 on Dec. 11. It will also host a webcast of its earnings conference call at 9:00 a.m. Eastern Time on the same day.

RSH shares were down 4% as of Friday afternoon.

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