Declines in revenue at Best Buy have forced the electronics retailer to hand out pink slips to 400 employees and now the big box store says it will be closing 50 stores in the US.

In recent years Best Buy has seen competitors like Circuit City and CompUSA fail and with the ever increasing competition from online retailers like Amazon.com the profit margins are getting smaller and smaller.

Best Buy failed to meet projected revenue growth in a report that came out today which now forces the retailer to find more than $800 million dollars in cost cutting savings.

Best Buy has stores at the McKinley Mall in Hamburg, The Walden Galleria in Cheektowaga, on Transit Road in Clarence, and Niagara Falls Blvd. in Amherst. So far there is no indication if any of the stores in in Western New York will be closed.

[Yahoo.com]