Best Buy To Shut 50 Big-box Stores

MINNEAPOLIS — Best Buy Co. Inc. said Thursday that it will close 50 big box stores this year and eliminate 400 jobs, mostly at its corporate headquarters, in a bid to boost profits amid declining stores sales in the United States.

The Richfield, Minn.based consumer electronics giant expects to save about $800 million in three years, including $250 million this year alone. The company has not yet finalized the list of stores to be closed.