best buy closing stores | KitGuru https://www.kitguru.net KitGuru.net - Tech News | Hardware News | Hardware Reviews | IOS | Mobile | Gaming | Graphics Cards Fri, 30 Mar 2012 07:38:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://www.kitguru.net/wp-content/uploads/2021/06/cropped-KITGURU-Light-Background-SQUARE2-32x32.png best buy closing stores | KitGuru https://www.kitguru.net 32 32 Best Buy closing 50 stores as sales continue to plummet https://www.kitguru.net/channel/slyvia/best-buy-closing-50-stores-as-sales-continue-to-plummet/ https://www.kitguru.net/channel/slyvia/best-buy-closing-50-stores-as-sales-continue-to-plummet/#respond Fri, 30 Mar 2012 07:38:27 +0000 http://www.kitguru.net/?p=85236 Best Buy have recorded losses of $1.7 billion over the last quarter, which is down from $651 million profit in the same period 2011. Over the full year they have announced $1.2 billion losses, compared to $1.3 billion profit the year before. They are cutting 400 job cuts from their corporate headquarters. Their entertainment division …

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Best Buy have recorded losses of $1.7 billion over the last quarter, which is down from $651 million profit in the same period 2011. Over the full year they have announced $1.2 billion losses, compared to $1.3 billion profit the year before.

They are cutting 400 job cuts from their corporate headquarters. Their entertainment division was the worst performing division in the last year. Furthermore they have announced that 50 ‘big box' stores will close.

'Now hiring' taken from an article years ago. Sadly a thing of the past for Best Buy.

The StarTribune say “All in all, Best Buy hopes to shed $800 million over the next three years, savings the company plans to use to fund its new “connected” store remodels, international expansion and digital services. But even CEO Brian Dunn admits the company's efforts to remake itself are fraught with frustration and uncertainty.”

Analysts suggest that stores such as Best Buy are getting hit hard by online retailer Amazon who are now controlling a huge portion of the market. Amazon CEO Jeff Bezos is able to divert millions of his own money into rescuing Apollo 11 engines from the Atlantic Ocean.

Kitguru says: Best Buy to go the way of Game in the UK?

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