Best Buys Will Be Closed

Best Buy executives may be giving up on some of their big-box stores, according to a Wall St. Journal report this week.

The Minnesota-based electronics chain said it would close 50 Best Buy stores. At this time, however, the list of stores to close isn't known. The nearest location is on in Novi.

"I am not satisfied with the pace or degree of change we have made up to this point," Chief Executive Brian Dunn said in a conference call with analysts, adding, "We are evolving our retail store strategy. We are increasing our points of presence while decreasing our overall square footage."

Best Buy shares were off as much as 9 percent, to around $24.16, in Thursday midday trading.

On Thursday Best Buy also reported a $1.7 billion loss for its fourth quarter ended March 3.

The Wall St. Journal says that brick-and-mortar electronics stores increasingly are mere showrooms to consumers who make their purchases online.