It sounds cold-blooded, but with shopping habits changing fast, the demise of the brick and mortar store may not matter much to the economy in the long run.
Best Buy is pulling out of a big joint venture in Europe. The company is selling back its 50 percent stake in the mobile phone retailer Carphone Warehouse, at a significant loss.
Brick and mortar retailers like Best Buy, Target, and JC Penney, have an idea to compete with online rivals like Amazon. They are going to match their prices during the holiday shopping season.
Shares of Best Buy are down more than 9 percent this morning. The electronics retailer just reported second quarter profits dropped more than 90 percent.