The company announced this morning that it’s closing 50 big box stores in the U.S. and will cut 400 corporate level jobs as part of a major restructuring. News of the restructuring came as Best Buy reported its quarterly earnings. Net loss was $1.7 billion, or $4.89 a share, for the fourth quarter ended March 3, compared with net income of $651 million, or $1.62 a share, a year earlier. Excluding charges, Best Buy earned $2.47 a share. Sales rose to $16.63 billion, but fell way short of the analyst average estimate of $17.23 billion. The retailer said it expects its restructuring efforts to save about $800 million in costs by fiscal 2015, including about $250 million in the current fiscal year.
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