Best Buy Posts $1.7 Billion Loss; Will Close 50 Stores
Best Buy Thursday posted a GAAP loss of $1.7 billion for the fourth quarter, and also announced plans to close 50 big box stores and open more smaller Best Buy Mobile locations.
The performance was compared to a $651 million profit the same time the year before. The results were an improvement over the same quarter last year, according to the AP.
"In order to help make technology work for every one of our customers and transform our business as the consumer electronics industry continues to evolve, we are taking major actions to improve our operating performance," Brian J. Dunn, CEO of Best Buy, said as part of the announcement.