Best Buy to cut costs, 50 stores
But chain will add 100 small outlets
In order to grow, Best Buy is shrinking. The largest U.S. specialty electronics retailer for years expanded quickly by opening big-box stores across the country. But shoppers have started using the hulking stores as showrooms where they can test out products before buying them cheaper elsewhere. To revamp the struggling chain, Best Buy said Thursday it plans to close 50 of its U.S. big box stores, cut 400 corporate jobs and trim $800 million in costs. The company, which has about 1,400 U.S. locations, also plans to open 100 smaller and more profitable Best Buy Mobile stores throughout the country.