Best Buy To Close 50 Stores

Logo of Best Buy, US-based retail chain

Logo of Best Buy, US-based retail chain (Photo credit: Wikipedia)

Best Buy Company posted weaker-than-expected sales for the key holiday quarter and said it would close 50 large U.S. stores, sending shares of the world’s largest consumer electronics chain down 9 percent on Thursday.

Analysts and investors expected more aggressive restructuring efforts from the chain, whose large-format stores have often been termed “white elephants.”

While most industry insiders welcomed Best Buy’s decision to reduce its retail footprint at a time when many shoppers buy their gadgets online, they expected the retailer would have done more.

Read more: http://business-news.thestreet.com/the-mercury/story/best-buy-close-50-stores/1

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