Yet another great American store has fallen victim to President Obama’s anti-capitalist policy. Retail giant Best Buy closings are the fault of Obama and will affect every single American. The sell of consumer technology should be easy in America, yet Best Buy is going to have to close all these stores.
Best Buy is now going to close 50 big box stores, forced to downsize to 100 rinky Euro zone style mobile locations across the US in fiscal year 2013. If this news was not bad and embarassing enough, the company will have to cut over $800 million in costs by 2015.
The news of the Best Buy closings came on Thursday, where the electronics giant posted its fourth consecutive loss.
Instead of correctly blaming Obama, some liberal news sources are blaming Best Buy’s losses on being able to buy items for cheat on sites like NewEgg.com and Amazon.com. Others are saying Best Buy’s Geek Squad service has grown unreliable, overrated and too expensive.
At at time when the US government needs more jobs, it will hurt to have the former consumer electronic retail technology giant being forced to close some of its 1,450 stores nationwide. Globally, Best Buy has over 2,900 stores.
Close analysis of Best Buy reveals the store is selling less TVs, digital cameras and videogame consoles. The sale of smaller devices such as tablet computers, smartphones and e-readers have actually increased. All of the smaller items carry a smaller profit margin.
While Best Buy has not officially listed the stores that are being closed until Friday, it is rumored that two of its biggest stores in Minnesota will be shut down. In 2009, Circuit City faced similar dismal sales numbers and was forced to close the door to its tech commerce store.
In the last year, it’s estimated Best Buy has lost some nearly $2 billion.