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Best Buy Plans to Close 50 Stores

The national electronics retailer has not announced all of the 50 store closings yet.

After a poor fourth quarter earnings report, Best Buy, the largest electronics retailer in the U.S., recently announced plans to shave $800 from its operating costs, partially through the closing of 50 stores across the country. 

As part of its fourth quarter earnings report, Best Buy announced plans to close 50 of its "big box stores" during the coming fiscal year, which is estimated to save about $300 million. The company also plans to eliminate 400 corporate and support staff positions. Best Buy also announced plans to open 100 Best Buy Mobile stores during the same period, in an effort to streamline costs and take advantage of the smaller store space that digital media sales and mobile devices require. 

Best Buy has not confirmed which of its 50 stores are slated for closure, but the Hartford Courant reported that the company has already begun to notify employees at one store in San Antonio and five stores in the Minneapolis-St. Paul area that those stores will be closed by the end of the year. 

Best Buy has about 1,450 locations nationwide, according to the Associated Press, and 15 stores in Connecticut, including stores in , West Hartford, Enfield, Newington and West Simsbury; existing Best Buy Mobile locations in Connecticut are located in the mall, the Meriden Mall and in Milford. 

invino.veritas April 02, 2012 at 07:20 PM
I expect this will happen more as on-line purchases by-pass the state taxes in which these "big box" stores operate. They have to compete with "stores" in other states when a purchase is made on line with no sales taxes paid to the state such as Connecticut. I buy cigars on line from a company in North Carolina every year and I report those purchases on my tax return. I'm not a so called "do gooder", many people complain that taxes are high in Connecticut, try living in parts of Alabama where in many cases three taxes apply, state, county and city...some at 13%. Buy locally and pay the taxes, you're living in one of the greatest states in the union. Check out the facts.

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