Best Buy shifts business model, closes stores

"The era of big-box retail dominance is coming to an end," Bloomberg News declared today when reporting that Best Buy will close 50 big-box stores but open 100 smaller ones.

“The era of big-box retail dominance is coming to an end,” Bloomberg News declared today when reporting that Best Buy will close 50 big-box stores but open 100 smaller ones. The company plans to double the number of its smaller Best Buy Mobile stores in the next four years.

So far, Best Buy has said it notified employees at five locations in the Twin Cities and one in San Antonio that their stores will close later this year, according to Forbes.com.

The company lost $1.7 billion in its latest quarter, three and a half years after competitor Circuit City filed for bankruptcy in November 2008.

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