Best Buy closing 50 stores

Looking to cut costs, the world's largest consumer electronics chain is closing some stores.

Best Buy says it plans to close 50 big box stores nationwide to concentrate on its smaller Best Buy mobile outlets and to cut $800 million in costs.

The news comes as the company reported a fiscal fourth quarter loss partly due to restructuring charges.

Best Buy says it'll open 100 small mobile locations in fiscal 2013.

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