Link: Best Buy to Close Fifty Stores ☍

Shared on March 29, 2012

It seems that they are blaming lower margins on mobile devices, as opposed to, say, people moving away from physical media and finding cheaper products online or at Walmart/Target:

The report noted that the popularity of Apple’s iPad has contributed to Best Buy’s struggles, as the device carries “relatively low margins” for the retailer. As a result, its mobile computing sales business has seen “strained margins” of late.

Best Buy reported a loss of $1.7 billion for the quarter that concluded on March 3. It plans to remodel some of its key stores in what it calls a “Connected” format designed to sell smartphones and push video and broadband services.

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