Which Best Buys Are Closing
March 29, 2012 by staff
Which Best Buys Are Closing, Best Buy plans to close 50 big box stores and open 100 small mobile locations in the U.S. in fiscal 2013 and cut $800 million in costs by fiscal 2015.
The news came Thursday as the biggest U.S. specialty electronics retailer posted a fiscal fourth quarter loss, partly due to restructuring charges.
Despite the loss, Best Buy’s adjusted results for the quarter topped Wall Street’s expectations. But the company’s full year revenue guidance fell slightly short ofanlysts’ expectations, sending its stock down 6%.
Best Buy, which has 1,450 locations nationwide and 2,900 globally, is focusing on closing some of its hulking stores to concentrate on smaller Best Buy Mobile outlets because of two emerging trends. Sales of TVs, digital cameras and videogame consoles have weakened, while sales of tablet computers, smartphones and e-readers have increased. And with the rise of competition from Internet rivals like Amazon.com, shoppers aren’t flocking to big-box stores like they used to.
A list of the stores to be closed was not immediately available. Best Buy said Thursday: “We will announce details about specific store locations and timing for closings once they are finalized.”
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