Management believes two primary factors differentiate us from our competition. First, we have an extensive physical retail presence with convenient locations throughout the United States. At December 31, , we employed approximately 27, people. We consider our relationship with our employees to be good. Copies of these reports, proxy statements and other information can be inspected and copied at:. Room You may also obtain copies of any material we have filed with the SEC by mail at prescribed rates from:.
Public Reference Section. Securities and Exchange Commission. In addition, we make available, free of charge on our corporate website, our Annual Report on Form K, Quarterly Reports on Form Q, Current Reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13 a or 15 d of the Exchange Act, as well as our proxy statements, as soon as reasonably practicable after we electronically file this material with, or furnish it to, the SEC.
ITEM 1A. You should carefully consider the risks and uncertainties described below in connection with evaluating the forward-looking statements we make, because if any of the events described below occur, our actual results of operations, financial condition, liquidity or access to capital could differ materially from those anticipated in our forward-looking statements. We may face additional risks that are not presently material or known, so the following should not be considered an exhaustive list of all factors that could cause such differences.
If we are unable to estimate and project accurately our liquidity and capital resources, our results of operations and financial condition could be materially adversely affected. If our free cash flow, results of operations and ability to borrow under our revolving credit facility are significantly less favorable than we have estimated, we may not be able to make all of our planned capital expenditures or fully execute our turnaround strategy and return to profitability and all of our other plans. We have also instituted a cash management plan that includes reducing certain controllable expenses.
However, there are no assurances that this plan would enable us to continue to satisfy our liquidity needs. Our inability to meet our liquidity needs could have a material adverse effect on our results of operations and financial condition.
In addition, if a significant number of our product and service providers change the payment terms they provide to us, our cash flow may be negatively affected, which could negatively affect our ability to receive products and services on acceptable terms. If our cash flow is negatively impacted, our current or future level of indebtedness may make it more difficult for us to pay our debts and more likely that it would be necessary for us to divert our cash flow from operations to debt service payments.
This facility matures in December Our debt service obligations could have an adverse impact on our earnings and cash flows for as long as the indebtedness is outstanding. Our indebtedness could have important consequences for our business. For example, it could:. Additionally, if we incur additional indebtedness in the future and, if new debt is added to our current debt levels, the risks above could intensify. Additional debt would further increase the possibility that we may not generate sufficient cash to pay, when due, interest on and other amounts due in respect of our indebtedness, and would further reduce our funds available for operations, working capital, capital expenditures, acquisitions and other general purposes.
Additional debt may also decrease our ability to refinance or restructure our indebtedness, and further limit our ability to adjust to changing market conditions.
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If we or our subsidiaries add new debt to our current debt levels, the related risks that we and they now face could increase. Our inability to return to profitability would materially adversely affect our results of operations and financial condition. A critical component of our business strategy is to return to profitability. In connection with this strategy, we are implementing a strategic turnaround plan that includes the repositioning of our brand, revamping of our product assortment, reinvigorating our store experience, enhancing our operational efficiency and maintaining our financial flexibility.
For additional information regarding our strategic turnaround plan, see Item 7. It may take longer than expected to execute our turnaround strategy and there can be no assurance that this plan will be successful. Our ability to return to profitability may also be affected by:. Our ability to offer and sell products with sufficient gross profit to improve our overall profitability. Our ability to benefit from capital improvements made to our stores.
Our success in attracting customers into our retail locations. Our ability to choose the correct mix of products to sell. Our ability to keep our retail locations stocked with merchandise customers will purchase. Our ability to maintain fully-staffed retail locations with appropriately trained employees.
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Our ability to remain relevant to the consumer. Our products and services must appeal to a broad range of consumers whose preferences cannot be predicted with certainty and are subject to frequent change. Our success depends upon our ability to anticipate and respond in a timely manner to trends in consumer preferences relating to consumer electronics.
If we fail to identify and respond to these trends in a timely manner, our sales may decline. In addition, consumer spending remains uncertain, which makes it more challenging for us to maintain or grow our operating income. As a result, we must continue to control our expense structure. Failure to manage our labor and benefit rates, advertising and marketing expenses, or other store expenses could delay or prevent us from achieving profitability or otherwise have a material adverse effect on our results of operations and financial condition.
We are dependent upon our relationships with a limited number of name brand product and service providers, and our inability to create, maintain and renew relationships with these parties on favorable terms could materially adversely affect our results of operations and financial condition. A significant portion of our net sales and operating revenues is attributable to a limited number of name brand products and service providers.
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If we are unable to create, maintain or renew our relationships with our product or service providers on favorable terms or at all, or if our product or service providers limit or disrupt the supply of their products or services to us, or if our product or service providers change the payment terms they provide to us, our results of operations and financial condition could be materially adversely affected. Certain of our wireless service providers make operational changes from time to time that adversely affect our business and over which we have little, if any, influence.
They may not inform us of such a change or may do so only after it is too late for us to adequately predict and plan for the consequences the change will have on our business. The information they provide to us about these changes may be incomplete or inaccurate. If we are not timely, accurately, and adequately informed about these changes or are unable to effectively mitigate the adverse impact of these changes on our business, these changes could materially adversely affect our results of operations and financial condition.
Closing stores could result in significant costs and could materially adversely affect our results of operations and financial condition. As part of our turnaround strategy and cash management plan, on March 4, , we announced that we intend to close up to 1, stores. The financial impact of terminating leases will vary depending on the terms of the lease, the condition of the local property market, demand for the specific property, our relationship with the landlord and the availability of potential sub-lease tenants.
If these factors are unfavorable to us, then the costs of exiting a property may be significant. We also may incur severance costs related to the employees at such stores. Additionally, upon any store closure, the closing costs and the fixed asset and inventory write downs could adversely affect our results of operations and financial condition. Finally, if the number of domestic stores decreases below 4,, we are required to establish additional reserves under our revolving credit facility. We will continue to evaluate the performance of our other stores. Additional store closures may occur in cases where stores are underperforming.
The proposed store closure program is subject to the consent of the lenders under our Credit Agreement and the Term Loan as those terms are defined in Note 5 to the Consolidated Financial Statements included elsewhere in this report. Our inability to attract and retain an effective management team or changes in the cost or availability of a suitable workforce to manage and support our strategies could materially adversely affect our results of operations and financial condition. Our success depends in large part upon our ability to attract, motivate and retain a qualified management team and other employees.
Qualified individuals needed to fill necessary positions could be in short supply either locally or regionally. The inability to recruit and retain such individuals on a continuous basis could result in high employee turnover at our stores and in our company generally, which could materially adversely affect our results of operations and financial condition. Additionally, competition for qualified employees requires us to assess our compensation structure continually. Competition for qualified employees has required, and in the future could require, us to pay higher wages to attract a sufficient number of qualified employees, resulting in higher labor compensation expense.
In addition, mandated changes in the minimum wage or health care reform may materially increase our employee-related costs. Any reductions or changes in the growth rate of the wireless industry or other changes in the dynamics of the industry could materially adversely affect our results of operations and financial condition.
Sales of wireless handsets and the related commissions and residual income constitute a significant portion of our total revenue. Consequently, changes in the wireless industry, such as those discussed below, could materially adversely affect our results of operations and financial condition.
Lack of growth in the wireless industry tends to have a corresponding effect on our wireless sales. Wireless handsets are subject to significant technological changes, and it is possible that new products will never achieve widespread consumer acceptance or will be supplanted by alternative products and technologies that do not offer us a similar sales opportunity or are sold at lower price points or margins.
Because growth in the wireless industry is often driven by the adoption rate of new wireless handset and wireless service technologies, the absence of these new technologies, our suppliers not providing us with them, or the lack of consumer interest in adopting them, could materially adversely affect our results of operations and financial condition. Consolidation in the wireless industry could lead to a concentration of competitive strength among a few wireless carriers, which could materially adversely affect our business if our ability to obtain competitive offerings from our wireless suppliers is reduced or if competition from wireless carrier stores or other retailers increases.
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Our inability to manage our inventory effectively, particularly excess or inadequate amounts of and the payment terms for our inventory, could materially adversely affect our results of operations and financial condition. We source inventory both domestically and internationally, and our inventory levels are subject to a number of factors, some of which are beyond our control. These factors, including technology advancements, vendor-imposed quantity purchasing requirements, product defects, reduced consumer spending and consumer disinterest in our product offerings, could lead to excess inventory levels.
Additionally, we may not accurately assess product life cycles, leaving us with excess inventory. To reduce this excess inventory, we may be required to lower our prices, which could materially adversely affect our results of operations and financial condition. Alternatively, we may have inadequate inventory levels for particular items, including popular merchandise, due to factors such as unanticipated high demand for certain products, unavailability of products from our vendors, import delays, labor unrest, untimely deliveries, or the disruption of international, national or regional transportation systems.
The effect of the occurrence of any of these factors on our inventory supply could materially adversely affect our results of operations and financial condition. We do not have long-term arrangements with respect to the payment terms with most of our suppliers. Any significant changes in the payment terms that we have with our key suppliers could materially adversely affect our results of operations and financial condition. We may not be able to provide cost-effective solutions to meet the needs and wants of our customers.
We have undertaken a variety of strategic initiatives to be able to meet the needs and wants of our customers. Our failure to execute this strategy successfully or the occurrence of certain events, including the following, could materially adversely affect our business generally:.
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Our inability to recognize evolving consumer electronics trends and offer products that our target customer needs or wants. Our inability to keep our extensive store distribution system updated and conveniently located near our customers. Adverse changes in national and world-wide economic conditions could negatively affect our business.