Many retailers said they saw this coming for Best Buy, and now the  chain has announced it will be closing up to 50 stores and laying off hundreds of employees in the near future.

A lot of the top brass is affected too, as more than 400 executive jobs will fall by the wayside.  The chain’s corporate headquarters in Richfield, Minn., and thousands of retail positions will all be affected.  Best Buy hopes to save more than $250 million in the next year, and $800 million over the next three years.