Best Buy's store in San Luis Obispo is not on the list of 50 stores that the electronics retailer plans to close.
On March 29, Best Buy reported a $1.7 billion fourth-quarter loss and announced the closing of 50 big-box stores. The company also said it would speed up the openings of smaller stores that focus on mobile-phone sales and services. The company's operating margin narrowed to 4.6 percent for the 2012 fiscal year, which ended March 3, from 5.6 percent five years ago.
Eight stores across the country had been previously identified for closure. Over the weekend Best Buy issued a list of the remaining 42. Of those, seven are in California. Two are in the Bay Area, four are in Southern California and one is in the Central Valley.
The company said it was working to find new jobs for the employees at the stores that have been targeted. If new positions are not found, or an employee chooses to leave Best Buy, severance packages will be offered, the company said in a news release.
The San Luis Obispo Best Buy is located in the Madonna Plaza shopping center.