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RadioShack dumps Verizon Wireless for Cingular and Sprint

RadioShack said today that it will begin offering Cingular Wireless mobile phones in 2006 and stop selling those of Verizon Wireless.

The new agreement includes Cingular Wireless and Sprint PCS as RadioShacks official cellphone-service providers through their 5,121 stores nationwide.

RadioShack is the largest independent wireless retailer in the US, this is surely going to be a big blow to Verizion Wireless whose losses in revenue could add up to $450 million per year. RadioShack’s profits declined from $68.3 million in June 2004 to $52.3 million in June 2005, this loss was attributed to their “weak” wireless offerings.

“Our profit decline in the second quarter was driven by lower comp store sales and more specifically by weakness in our core store wireless business,” said David Edmondson, president and chief executive officer.

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