Best Buy Plans 400 Layoffs Amid Store Closures

http://online.wsj.com/article/SBB0001424052702303404704577311322427071212.html

Best Buy Co. [BBY -4.40%] is beginning to acknowledge that its big-box business model, which dominated electronics retailing for much of the past two decades, is no longer working.

The U.S.-based electronics chain said it would close 50 big-box stores this year, test new store formats in San Antonio and Minneapolis, and lay off 400 corporate and support workers as part of a plan to trim $800 million in costs and restructure its ailing business.