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By msnbc.com staff
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
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
