U.S. Store Chain Best Buy to Close 50 Stores

posted on 2012-03-30 23:38 EDT

The American electronics and media store chain Best Buy plans to close 50 stores and lay off 400 employees this year. The company is moving away from its "big box" business model, and instead plans to create smaller stores focused on selling mobile phones. In recent years, Best Buy has had to reduce the amount of space devoted to music and video — including anime — due to declining sales. Competition from digital content and online retailers has also weakened Best Buy's position.

Source: Wall Street Journal via ICv2

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