Best Buy Closes 41 Big-Box Stores, Seeks $800M in Cost Cuts

Saying his goals are to "shrink the company's physical footprint and substantially reduce our cost structure," Best Buy interim CEO Mike Mikan provided details about the struggling retailer's plans to reduce costs by $800 million over the next three years. Mikan and his team are in the process of creating a turnaround blueprint designed to use IT, customer services and predictive analytics to more closely connect Best Buy to consumers. During Q1 of fiscal 2013, which ended May 5, 2012, the retailer closed 41 of the 50 underperforming big-box stores.