Richfield, MN (WIBX) - Not even a successful Daytona 500 sponsorship can help.  Citing losses of nearly $1.7 billion, Best Buy is firing nearly 400 employees and closing 50 stores nationwide.

According to its latest financial release, company executives say that a total transformation is necessary. $800 Million in cost-cutting measures must be undertaken by 2015 in order for the company to survive.

In addition to the economy at home, challenges in the European market have taken their toll on the electronics retailer.

There is no word yet on how local Best Buy stores will be affected.

UPDATE: 04/02/2012 09:58am   A spokesman for Best Buy is telling WIBX that so far six stores have been slated for closure, five in the Twin Cities area and one in San Antonio.  Susan Busch Nehring says, "We recognize the impact this news has on the people who deserve respect for the contributions they have made to our business, and for customers who shop these stores today. We will be working to help the employees affected by these closings to find other positions inside Best Buy."  WIBX will continue to keep you posted on how these closures will affect local stores.