Best Buy Identifies 50 Closing Stores

Best Buy BBY revealed on Monday the 50 stores that are set to close at the end of the year. The fact that would be closures was announced on March 29, although at that time the company did not specify which locations would be subject to the moves. The full list of closures can now be seen here. Best Buy seems to have suffered problem after problem over the past 12 months. It has desperately struggled to keep up with online retailers like Amazon AMZN, and last week CEO Brian Dunn resigned, though not before dragging the company through a "sexual misconduct" scandal. The store closures are serving to throw more gas on the fire, though the company projects savings of $250 million in fiscal year 2013, and it plans to save a further $800 million in costs by 2015. Stores in Kansas City, MO, and Scottsdale, AZm closed in February. California is really taking a beating, with seven stores slated for closure. Best Buy said in a statement that, "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."