After a poor fourth quarter earnings report, Best Buy, the largest electronics retailer in the U.S., recently announced plans to shave $800 from its operating costs, partially through the closing of 50 stores across the country.
As part of its fourth quarter earnings report, Best Buy announced plans to close 50 of its "big box stores" during the coming fiscal year, which is estimated to save about $300 million. The company also plans to eliminate 400 corporate and support staff positions. Best Buy also announced plans to open 100 Best Buy Mobile stores during the same period, in an effort to streamline costs and take advantage of the smaller store space that digital media sales and mobile devices require.
Best Buy has not confirmed which of its 50 stores are slated for closure, but the Hartford Courant reported that the company has already begun to notify employees at one store in San Antonio and five stores in the Minneapolis-St. Paul area that those stores will be closed by the end of the year.
Best Buy has about 1,450 locations nationwide, according to the Associated Press, and 15 stores in Connecticut, including stores in , West Hartford, Enfield, Newington and West Simsbury; existing Best Buy Mobile locations in Connecticut are located in the mall, the Meriden Mall and in Milford.