By: Michael E. Martinez

Last week, it was announced that Radioshack CEO, David Edmonson lied on his resume. But yesterday, Edmondson resigned his position as the struggling company would close as many as 700 stores. Radioshack announced a 62 percent drop in earnings. Edmonson joined Radioshack in 1994 and has been CEO since May of 2005.

Edmonson stated on his resume that he had degrees in theology, but not the bachelor of science degree that had been listed. Edmonson also has a trial in April of this year on charges of driving while intoxicated. As Edmonson resigned, Claire Babroski was promoted to President and acting Chief Executive Officer. In Friday's trading, Radioshack fell over 8 percent to $19.08 a share on the news.

Radioshack is based in Fort Worth, Texas where they operate over 7,000 stores as well as over 100 stores in Mexico. They also operate 600 Sprint Nextel and Sam's Club wireless kiosks. Radioshack stores are located five minutes of where 94 percent of all American's live or work.