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Best Buy to close 50 big-box stores

March 29, 2012 at 4:24 PM   |   Comments

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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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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