Best Buy to close 50 stores

Photo: jiazi. Shoop: Rob.

Consumer electronics retailer Best Buy is to close 50 stores and cut 400 jobs, mostly at its corporate HQ. Thomas Lee of the Star Tribune:

In the past, as Best Buy's stores lost market share, [CEO Brian] Dunn emphasized the retailer's profit margins and driving sales through its multi-channel operations, including its website, mobile devices, phone centers and Geek Squad. However, Dunn reversed course of late, telling invsetors that the company must instead focus on protecting its core store operations. And that means using promotions and discounts to fight Amazon and Wal-Mart for sales and market share.