Best Buy taking direct control of Magnolia, closing 7 standalone stores

Best Buy just announced plans to streamline Magnolia's operational structure, starting by shutting down its headquarters, distribution center and 7 of 13 stores. It's far from the only high-end A/V dealer feeling the pinch, but Best Buy claims these moves will streamline operations and it remains committed to the brand, adding a new location in Chicago this year and keeping all of its in-store locations open. So far Valentine's Day is working out better than Halloween but we're officially calling a holiday watch for all electronics retailers.