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Best Buy Identifies Store Closings

RICHFIELD, Minn. -- Best Buy (BBY) on Saturday announced the locations of 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company's home state of Minnesota.

The struggling electronics chain said last month that it would close some of its so-called big box stores, cut 400 corporate jobs and trim $800 million in costs. Best Buy plans to open 100 smaller, more profitable Best Buy Mobile stores.

The company is trying to avoid the fate of Circuit City, which went out of business in 2009. It faces slower sales of expensive items like TVs, plus increased competition from (AMZN) and discount stores like Target (TGT).

Best Buy has about 1,400 locations in the U.S. It has already closed two stores this year, one in Missouri and one in Arizona. Most of the rest of the 50 will close May 12, others this summer.

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Best Buy said it would try to find other jobs in the company for the workers.

On Tuesday, Best Buy said CEO Brian Dunn had resigned after the board of directors began investigating his "personal conduct." The company lost $1.7 billion in the most recent quarter, partly because of restructuring costs.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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