A number of cities’ residents breathed a sigh of relief as they found out that they would not face a shuttering of their local Best Buy (NYSE: BBY) stores. The electronics retailer released the final list of the 50 that it previously announced would disappear. Since Best Buy disclosed its plans, the company lost its CEO Brian Dunn. Wall St. thinks the firm has become more desperate by the day to set a turnaround strategy.
No matter who takes the Best Buy chief executive job, the 50 stores are not nearly enough for a company which has started to lose sales, and posted a net loss in its last quarter. Best Buy has hundreds of stores, and has had no success in competing with online electronics sale sites, particularly the challenge from Amazon (NASDAQ: AMZN). The number of stores that new management will close is likely to be a large multiple of the 50.