Best Buy’s $1.7 billion loss for the last quarter of its fiscal year will lead it to close 50 “big-box” stores, cut 400 corporate jobs, and reduce infrastructure and non-product costs.
“The retail chain hadn’t named the stores in question, but expected these and other cost savings to cut $250 million in 2013 and $300 million just for retail by the 2015 target,” reports Electronista.
The company, however, is still moving ahead with 100 Best Buy Mobile stores, some 50 of which will open in China.
Best Buy notes that pressure from Internet sales and less focus on TV affected their results. It is responding by introducing a Connected Store concept where customers can get price comparisons via Web kiosks, staff will be trained in product integration and there will be instant checkout similar to an Apple Store.
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