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Best Buy Updates On Store Closures - Quick Facts

Electronics retailer Best Buy Co. Inc. (BBY) 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.

by RTT Staff Writer

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Japanese game maker Nintendo announced its plans to launch Super NES Classic Edition, the standalone mini console, which will feature 21 pre-installed classic games. The Mini 16-Bit System is expected to hit the stores on September 29 for $79.99. Best Inc., a 23.4 percent owned by e-commerce major Alibaba Group, filed for Initial Public Offering in the U.S. According to the filing, Best expects to offer $750 million american depository shares. We urge Investors to take advantage of the weakness in the shares of Applied Optoelectronics, Inc. (AAOI), as we believe the stock has at least 15% upside from current levels. The stock is down along with many of the stocks in the Fiber optical component universe with an exposure to China.
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