Best Buy to close 50 stores in restructuring

[dineshb316]

End of an era for best buy.

http://bottomline.msnbc.msn.com/_news/2 ... tructuring

[stev]

for those to lazy to click:

Electronics retailer Best Buy said Thursday it will close 50 big box stores in the U.S. as it changes the focus of its operations to mobile.
The retailer also said it plans to open 100 new mobile locations as it rethinks its U.S. store set-up.
Brian Nagel, a research analyst at Oppenheimer, told CNBC Thursday that Best Buy’s restructuring plans are fraught with danger, given that they are taking place “when the overall market is quite challenging.”
Bricks-and-mortar retailer Best Buy has struggled in recent years as it has faced fierce competition from e-commerce giants such as Amazon.com and eBay.
News of the restructuring came as Best Buy reported its quarterly earnings.
The retailer reported a net loss of $1.7 billion, or $4.89 per share, for its fourth quarter ended March 3, 2012, compared to net income of $651 million, or $1.62 per diluted share for the prior-year period.

[noshownogo]

Best Buy is my guilty pleasure, hope it doesn't go the way of Circuit City

[wagonrunner]

ah, explains whats going on with their website.

[benko]

It should not be too bad with the mobile stores, hopefully the ship-to-store or warehouse pickup options will still be available. The stores are usually full of entry level sales clerks with very basic scripted knowledge of products and more than 1/2 their inventory is currently only available through online sales anyway. Compared to Target and Walmart usually located in the same areas, Best Buy would have been struggling to keep up with electronics and accessories sales only vs the diverse product ranges of those stores, expanding to sell washing machines, fridges and stoves did not help but alienate the tech customer focus just not completely satisfy the home appliance shoppers.

[Bareback]

RIP Best Buy, soon you will be in heaven with your buddy Circuit City.

Unfortunately they cannot compete in a market where change in technology astronomical, prices are low, margins are small, people have no money and people are moving to online shopping.

[equipped2ripp]

lol... who said they were closing down? they are just restructuring, that's all.

[dok_tec]

best buy is here to stay....walmart electronics department is sad, tiger direct is mostly computer based, brandsmart is home based..... hhgregg is awesome, even better than best buy but they lack store locations

[RBphoto]

Fry's > all