Best Buy to close 50 stores

Best Buy, which has a store in Springettsbury Township, plans on closing 50 big box stores in the coming year to cut costs and focus on its smaller, Mobile stores (there’s one in the Galleria), according to the Associated Press.

No word on what stores are on the chopping block yet, but the move comes after a big fourth quarter loss for the chain, which is hoping it doesn’t go the way of former competitor Circuit City.

Here’s some more details, from the AP:

“Best Buy’s strategy of focusing on closing some of its hulking stores to concentrate on smaller Best Buy Mobile outlets illustrates the shifting nature of the electronics industry. Shoppers aren’t flocking to big-box stores like they used to. And sales of TVs, digital cameras and videogame consoles have weaken, while sales of tablet computers, smartphones and e-readers have increased.

Best Buy lost $1.7 billion, or $4.89 per share, for the period ended March 3. That compares with a profit of $651 million, or $1.62 per share, a year ago.”

Do you shop at Best Buy? Would you miss the Springettsbury Township store if it were to close its doors?

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
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One Response to Best Buy to close 50 stores

  1. Pingback: York Common Cents | More changes at Best Buy

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