RadioShack Makes Benefit Cuts

April 16, 2007 ( - RadioShack Corp. scaled back on its employee benefit plans by cutting benefits that allow for tuition reimbursement, adoption reimbursement, matching gifts for charitable contributions and third-party discounts on such items as childcare and vehicle purchases.

According to a company memo obtained by the Fort Worth Star-Telegram, changes to the benefit plans are effective immediately.

The Texas-based company made headlines last year when it laid off 400 employees at its headquarters by email as part of cost-saving measure (See RadioShack Issues Emailed Layoff Notices ).

The company also unveiled the details of its executive compensation for last year to the Securities and Exchange Commission (SEC), which showed Chief Executive Officer Julian Day getting a package heavy in stock options valued at $19 million, according to the newspaper.