Electricals giant Best Buy is to close all Best Buy-bannered stores in China and Turkey, as well as its headquarters in Shanghai. The move is aimed at saving some $70m (£43.4m) by fiscal 2013. The retailer said its future plans in China would focus on its Five Star operations - which it acquired in 2006 - with hopes of opening 50 new stores in the 2012 fiscal year. “This aggressive expansion of the Five Star brand shows our ongoing long-term commitment to China,” said Best Buy Asia president Kal Patel.

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