Best Buy Embarks on 'Transformational' Plan to Combat Online Competition

Those savings will come in the form of 50 store closings, the elimination of 400 corporate and support jobs, and a decrease in the cost of goods sold. Muehlbauer said that through negotiations with vendors, the company will see lower expenses related to product returns and exchanges. He also expects to see savings from cutbacks in the use of information-technology consulting services.

Best Buy will earn between $50bn and $51bn in revenue during its fiscal year 2013, similar to the final number reported for the year it just finished up, Muehlbauer said.

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