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Mar 29, 2012 12:13 PM by CNN

Best Buy is closing 50 stores after losing money

Best Buy's stock took a dive on Thursday after the retailer reported quarterly results that included plans to close 50 big box stores in the U.S. by 2013.

Best Buy's stock price dropped 8% as the company's better-than-expected earnings report failed to trump the news about shuttering brick and mortar locations.

A list of the stores to be closed was not immediately available. Best Buy said Thursday: "We will announce details about specific store locations and timing for closings once they are finalized."

The company also said it plans to open 100 "Mobile small format stand-alone stores" in fiscal year 2013. It also said 14 of the new stores in China will be "mobile store-within-a-store concepts."

The company did not describe these types of stores in further detail in its press release, and did not immediately answer a phone message from CNNMoney.
What's China buying from the U.S.?

Best Buy has struggled to compete in a market that has become increasingly dominated by online retailers like Amazon (AMZN, Fortune 500).

Best Buy said it was closing the stores to lower costs. The company projects $250 million in savings in fiscal year 2013. The company plans to save $800 million in costs by fiscal year 2015


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