Best Buy (BBY) Results Disappoint: Closures Imminent For 50 Stores

Best Buy Co., Inc. (NYSE:BBY) responded to the release of a mixed report on 2011 today. The company posted a loss of $1.7 billion in the fourth quarter last year and announced a change of strategy to come to terms with a very different retail sector than the one they entered the financial crisis dealing with. The consumer electronics sphere has never been more of a growth area but the company is struggling with competition. Their old enemy, discounters, has been joined by a newer form of sales online that is constantly growing and constantly adding more to its armory. Stores…