In the wake of a more than $1.2 billion dollar loss last year, electronics giant “Best Buy” says it will close 50 of its more than 1100 big box retail stores, and lay off hundreds of workers.
The company has four of its big stores in the region, including one in Southern Santa Barbara County, and three in Ventura County. The company hasn’t announced which of its stores across the country it will close, or when it will occur. At the same time, the financially troubled retailer says it will refocus part of its business strategy, opening about 100 of its smaller sized mobile phone stores around the country.
Best Buy posted a nearly $1.3 billion dollar profit in 2010, but then slipped to a just over $1.2 billion dollar loss last year.