Best Buy will close more than 20 stores this year despite a healthy cash balance sheet and solid profits.

The news was revealed during an earnings call late last week, according to a Yahoo Finance report.

Best Buy CEO Corie Barry, noting the electronics retailer shut about 20 big locations in the past two years, said the company will shutter even more as part of a strategic operations review process. As of the end of 2020 the retailer had 1,159 stores across the U.S., Canada and Mexico.

"In addition to our physical stores, our operating model needs to evolve to meet our customers' changing shopping behaviors that have been accelerated by the pandemic. The sudden and lasting shift customers have made to shopping more regularly and seamlessly across all of our channels has forced us to look at how we get our work done," Barry stated during the call, according to Yahoo.

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