Best Buy closing 50 big box stores, adding 100 Best Buy Mobile locations

Best Buy is making some changes according to the Wall Street Journal. The big box retailer plans on closing 50 stores out of the 1,100 it currently runs. It will also test a new format in San Antonio and Minneapolis and lay off 400 employees. The whole package will cut $800 million in costs. Earlier reports said that the popularity of the new Apple iPad had contributed to the problem because of its low margins.
Additionally, Best Buy is losing business to those who come into its stores to browse for merchandise, but then make the actual purchase through an online retailer like Amazon. These online stores do not have to collect sales tax or carry inventory at a number of retail locations like... »read more

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