Temecula's Best Buy Could Close

Kiss your friendly neighborhood one-stop-geek-shop goodbye.

Best Buy officials announced today they will close 50 U.S. stores and ask 400 employees to hang up their iconic khakis and blue polos for good, according to a news release.

The company didn't say if their Temecula store, , would close. The fate of Best Buy's long-established store in Murrieta and its new Menifee location were also unclear.

The news comes after the Richfield, Minn.-based company showed a $1.7-billion revenue loss last financial quarter.

In addition, the Global Post reported the company aims to open 50 stores in China by 2013. 

The news of closures and downed profits are not a surprise to many, as Best Buy reported shortfalls after its third quarter in 2011 as well.

In January 2012,  and also suggested it was creeping closer to bankruptcy every day.

Going forward, Best Buy's retail store strategy is to shrink its stores and offer better services and selection in concentrated areas. The company plans to remodel its outlets based on market tests of a new "Connected Store" format conducted in 2010 and 2011.

The remodels are expected before this year's Christmas shopping season.

The company expects to shrink its floor space nationwide by 20 percent through store closures and layoffs.

"These changes will also help lower our overall cost structure," CEO of Best Buy Brian J. Dunn said in the release. "We intend to invest some of these cost savings into offering new and improved customer experiences and competitive prices—which will help drive revenue."

David Leonard contributed to this report.