Authors: Kelly Knaub
(NEW YORK) -- Best Buy on Saturday announced the locations of the remaining 42 stores slated for closure as part of the electronic retailer’s plan to cut costs.
Last month, the company announced plans to shut down 50 stores following a $1.7 billion loss for its fourth quarter that ended March 3.
To date, the company has shut down two locations — a store in Kansas City, Mo., and another in Scottsdale, Ariz., in February.
Later this year, five stores in the Twin Cities area and one in San Antonio will also shut their doors.
To see a complete list of store locations closing, click here.
“This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business,” company officials said in a news release.
The company said it anticipates the majority of the stores will close permanently by May 12 and by the summer.
However, Best Buy Mobile stores will continue to remain open.
Along with the store closures, Best Buy planned to cut about 400 jobs in its corporate and support areas as part of the company’s goal to achieve $800 million in cost reductions by fiscal year 2015.
With the closures, Best Buy says it plans on focusing on increasing “points of presence, while decreasing overall square footage, for increased flexibility — including key store remodels with a new Connected Store format, while continuing to build out the successful Best Buy Mobile small format stores throughout the U.S.”
The announcement comes after Best Buy CEO Brian Dunn resigned this week amid a personal conduct probe.
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