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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules