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Best Buy Cuts to Save $800M

Friday, 30 Mar 2012 | 1:37 PM ET

Shares of Best Buy plunged 7 percent yesterday on news of the company's reported $1.7B net loss in Q4. Discussing the company's announcement to close 50 U.S. big-box stores and fire 400 employees to save $800M in costs, with Michael Pachter, Wedbush Securities managing director.