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Best Buy to cut stores, jobs

(MCT) — Best Buy announced that it will be closing 50 stores and cutting at least 400 jobs.

The move comes after the retailer reported weaker than expected sales for its fourth quarter.

Best Buy has struggled to bring in consumers over the past several months, despite offering big discounts.

After its restructuring, Best Buy hopes to save around $800 million in fiscal costs by 2015.

Net loss was $1.7 billion, or $4.89 a share, for its fourth quarter ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier.

Excluding charges, it earned $2.47 a share.

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