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After disclosing disappointing figures for their annual sales, several large retailers are planning to close hundreds of locations in 2013.
According to Yahoo News, stores that have suffered the most, like Best Buy, are cutting back as a result of customers turning to sites like Amazon for their purchases.
The retailer that is struggling the most is J.C. Penny Co. Inc., which dropped over 26 percent in third-quarter profits.
Yahoo’s 24/7 Wall St. projected that the company will close about 300 of its 1,100 stores this year in order to be profitable.
Best Buy suffered during the holiday season as customers used the store to check out electronics and then later bought the products online. Holiday revenue dropped from $12.9 billion to $12.8 billion this year. Yahoo’s 24/7 Wall St. forecasts that the company will close about 200 of its 1,056 stores in 2013.
Hubert Joly, Best Buy’s chief executive told The New York Times, “Best Buy’s third-quarter financial performance was clearly unsatisfactory.”
Other sufferers include Sears, Office Depot, Gamestop and RadioShack.
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