Best Buy has fallen on hard times in a sluggish economy, suffering a dismal drop in sales and an overall $1.2 billion loss over the last fiscal year. The electronics giant announced Thursday that it will close 50 stores and cut 400 jobs at its Richfield, Minn., corporate headquarters, hoping to save $800 million over the next three years in order to stay afloat.
While the company performs damage control, it faces an uphill climb with steep competition from low-cost retail juggernauts -- physical and online -- like Wal-Mart and Amazon and high-end brand outlets like Apple Stores.
