Best Buy Finally Closes 50 Stores
April 16, 2012 by Douglas A. McIntyre
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.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.