Best Buy to Close 50 Stores, Cut Costs

Best Buy Co. is beginning to acknowledge that its big-box business model, which dominated electronics retailing for much of the past two decades, is no longer working.

The world’s largest electronics chain by revenue said it would close 50 big-box stores this year, test remodeled store formats in San Antonio and Minneapolis, and lay off 400 corporate and support workers as part of a plan to trim $800 million in costs and restructure its ailing business.

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