facebook
twitter
search
search

Best Buy to close 50 big-box stores

March 29, 2012 at 4:24 PM
| License Photo

RICHFIELD, Minn., March 29 (UPI) -- U.S. electronic retailer Best Buy Co. said it would close 50 big box stores in 2012 after posting a $1.7 billion loss in the fourth quarter.

MarketWatch reported Thursday that sluggish sales of televisions and light-weight, notebook computers contributed to the loss. In the previous quarter, the store chain earned $651 million.

The retail chain also had $2.6 billion in charges related to closing stores in Britain and buying Carphone Warehouse Group out of its Best Buy Mobile profit sharing agreement.

The company's plan is to save $800 million in operating costs by the fiscal year 2015, MarketWatch said.

Related UPI Stories
Latest Headlines
Trending Stories
Einstein vindicated: Scientists find gravitational waves
Vatican: Bishops not required to report abuse to police
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Dementia rates decline in U.S., researchers unsure why
'El Chapo' drug empire's alleged financial operator arrested in Mexico