50 'Best Buy' Stores Closing After July 1; Others to Shrink

, the electronics big-box store, announced it will close 50 of its stores in the U.S., to bolster its bottom line.

CEO Brian Dunn said Thursday in a press release that as the consumer electronics industry evolves, the company is taking “major actions” to improve its operating performance.

The company would save $300 million with the closing of 50 stores next year, as part of an $800 million multi-year cost reduction program.

Best Buy would look to a new multi-channel strategy to strengthen its portfolio of traditional stores.

The strategy includes “closing some big box stores, modifying others to our enhanced Connected Store format, and adding Best Buy Mobile stand-alone locations,” Dunn said.

The company wants to upgrade its shopping environment, expand its presence and improve sales, in addition to increasing profits.

Dunn said the coming changes will lower the company’s overall costs, and allow it to invest in improving customer experiences, and potentially more competitive prices.

Is Chesterfield's  in the Valley closing?

Best Buy spokeswoman Kelly Groehler said the company would announce specific store locations and timing for closings once they’ve been it's finalized.

She offered a prepared statement:

“We are taking the necessary steps this next year to evolve our total retail store strategy, and make it even easier for customers to shop with Best Buy and access our services. We are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way.”

“We are not commenting further at this time,” Groehler said.