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March 29, 2012 / 4:24 PM

Best Buy to close 50 big-box stores

Hundreds of shoppers looking for 'Black Friday' deals line up outside of a Best Buy store on November 25, 2011 in Chicago. The big box store announced it will be closing 50 locations in 2012.

Hundreds of shoppers looking for 'Black Friday' deals line up outside of a Best Buy store on November 25, 2011 in Chicago. The big box store announced it will be closing 50 locations in 2012. | 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.

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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.

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