Best Buy to cut stores, jobs and costs

One of the front runners in the business back in the day, Best Buy now seems to be scrambling for visibility amidst some heavy duty competition in the market, today. They stood comfortably for years, being the largest U.S. specialty electronics retailer, and growth came quickly, too, with the setting up of several large retail stores (big box format), and ardent shoppers. Now, however, with the market scenario fast-changing, and dipping sales, Best Buy seems to have jumped onto the change bandwagon. Reports confirm that the popular electronics retail chain will now be going in for some major changes, which include the closure of several of their large stores, several corporate job cuts and some heavy duty cost cutting. According to reports, Best Buy have in an official statement confirmed that they now plan to shut 50 of their 'big box' stores in the U.S, downsize their corporate workforce by cutting 400 jobs, while also reducing $800 million in costs. Among other things, Best Buy now plans to instead open 100 smaller, more profitable Best Buy Mobile stores, across U.S. Click here for full story