Best Buy Closes 50 Stores!

Best Buy has said that they will be closing 50 of their stores, cut 400 corporate jobs and they will also be trimming $800 Million in costs! They have over 1400 stores across the United States. They plan on opening 100 smaller and more profitable Best Buy Mobile stores in different location across the United States. So with doing this, Best Buy is trying to its formal rival, Circuit City, which was shut down in 2009 after it struggled with changing the electronics landscape. After Best Buy had announced their decision, Minneapolis based company posted a $1.7 billion fiscal fourth quarter loss. As some of the investors worried that Best Buys restructuring didn't go far enough, their share slid to nearly 7% to close at $24.77. 

I think that it would be crazy for them to close 50 Best Buy stores because a lot of people go to that particular store for a lot of things that we need. I'll be good as long as they don't close the one in Salem!

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