Bad News for Best Buy

Best Buy has announced that it is moving forward with plans to shutter some 50 stores nationwide and reduce its workforce by an estimated 400.

It’s the latest effort by the consumer electronics giant to slash $800 million in costs.

“I am not satisfied with the pace or degree of change we have made up to this point,” Chief Executive Brian Dunn says. “We are evolving our retail store strategy. We are increasing our points of presence while decreasing our overall square footage.”

From the Wall Street Journal:

The changes, which came as Best Buy reported a $1.7 billion loss for its fourth quarter ending March 3, were the most dramatic signal yet that the Richfield, Minn., company is struggling to adapt to a changed landscape in retailing that has left many big specialty stores looking like dinosaurs.

No word yet from the retailer as to where those stores will be closed. The closures, however, are expected before year’s end.