Best Buy to close 50 stores, entertainment sales way down

US retail chain Best Buy has reported another poor quarter, announcing significant closures and 400 job cuts.

Best Buy reported losses of $1.7 billion over the last quarter, down from profits of $651 million in the same period of 2011.

Over the whole financial year, Best Buy lost $1.2 billion, almost the inverse of its 2011 performance of $1.3 billion profit.

According to Business Insider, Best buy's entertainment division - which includes games and movies - was the worst performing sector, dropping a further 20% year on year during this quarter.

The Star Tribune reports Best Buy has announced 50 "big box" store closures.

The chain will also shed 400 staff, mostly from its corporate headquarters.

Best buy's stock price fell in response to the announcements.