Best Buy's CEO reveals why the company is closing 250 stores (BBY)
Business Insider -

Best Buy announced it would be shuttering all of its small-format mobile stores in March.

CEO Hubert Joly told Business Insider that the stores were no longer as profitable as they had been since smartphone sales "matured."

Best Buy will open its first new store since 2011 later this year.

In March, Best Buy announced it would close all 250 of its small-format mobile locations by May 31.

These stores sold smartphones and accessories in a small footprint — around 1,400 square feet — and mostly...


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