Glendora Best Buy Escapes Chain's Closure List

This week Best Buy released the list of the 50 stores it plans to close, and the was spared.

The big box chain in March announced plans to shut down some of its U.S. stores.  Eight already have closed and employees of the remaining 42 were notified earlier this week of the planned closures of the rest.  Company officials said that most of the stores on the list would be closed by May 12. Best Buy Mobile stores will remain open.

Seven California stores made the list, with the Ontario location the closest to Glendora.

“This was not an easy decision to make,” company officials said in a statement. “We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.”

The news of the closures comes after the Richfield, Minn.-based company released its fiscal year fourth quarter earnings, showing a $1.7 billion loss in revenue. In addition, the Global Post reported the company aims to open 50 stores in China by 2013.

Best Buy reported shortfalls after the third quarter in 2011 as well.

In January 2012, and also suggested it was getting closer and closer to bankruptcy every day.

Best Buy's strategy for the future is to increase points of presence while decreasing the overall square footage of its stores. The company plans to test this strategy in a couple of markets, officials said last month.

Besides the closures, the company plans to slash around 400 jobs in its corporate office and support areas to meet's its goal to cut $800 million by fiscal year 2015, reported ABC News.

The annoncement comes amid a report that Best Buy CEO Brian Dunn resigned this week due to a personal conduct probe.