Any in our area? Too soon to tell.
Electronics retailer Best Buy said Thursday it will close 50 big box stores in the U.S. and cut 400 jobs in corporate and support areas as it changes the focus of its operations to mobile.
The retailer also said it plans to open 100 new mobile locations as it rethinks its U.S. store set-up.
Brian Nagel, a research analyst at Oppenheimer, said Best Buy’s restructuring plans are “long overdue,” but also fraught with danger, given that they are taking place when the overall retail environment for electronics is “quite challenging.”
“Attempting to undertake this kind of a restructuring in a weak environment can be very problematic,” he told CNBC Thursday, adding that he is concerned that the company is attempting a major upheaval in its operations when “competition is getting ever more fierce.”
Bricks-and-mortar retailer Best Buy has struggled in recent years as it has faced fierce competition from e-commerce giants such as Amazon.com and eBay.
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