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4/14/2012 5:56 PM ET

Electronics retailer Best Buy Co. Inc. (BBY: Quote) in an update on its restructuring plans revealed last month said it will close 42 stores by May 12, media reports said Saturday.

In March the company said it will close 50 stores this year. It has already closed two stores and has planned closures for six others as well. The state of California alone will have seven closures, reports said.

Best Buy recently saw the exit of its CEO Brian Dunn amid a probe into personal misconduct. Dunn's resignation comes days after the company posted a whopping $1.7 billion loss for the fourth quarter, hurt by huge charges related to Carphone Warehouse.

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