Best Buy to close 50 stores by 2013

We have big news from Best Buy.

The electronics retailer plans to close 50 of its stores by 2013.

Best Buy has not yet released the list of stores on the list to close, so we do not know if the store on Grape Road will be affected or not.

The comapny's stock numbers dropped on Thursday morning following the announcement.

The retailer recently reported a $1.7 billion loss for its fourth quarter.

The company said it hopes to reduce $800 million in costs in the next three years.

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