Richfield-based Best Buy will spend about $1.6 billion to take complete control of Best Buy Mobile. Bloomberg reports Best Buy will announce the deal to buy Carphone Warehouse Group's 50 percent share on Monday.

Best Buy celebrates the grand re-opening of its remodeled Richfield store this weekend. The store's size was reduced by 20 percent. Shelf heights are lower. Less merchandise is stored on the sales floor and skylights provide natural light. If it succeeds, the Richfield store could be a model for many of the reeling retail chain's other outlets.

The Post Bulletin reports employees at the south location in Rochester were notified it will close May 12. Best Buy built the store less than five years ago. It's among the 50 stores the Richfield-based electronics retailer is closing to cut costs.

Best Buy's new Chief Executive Officer Hubert Joly outlined his five-point strategy, called "Renew Blue," to turn around the Richfield-based consumer electronics chain before he met with Wall Street investors in New York Tuesday afternoon, the Business Journal reports.

The retailer over the weekend released a list of the stores it plans to close. Best Buy also cut hundreds of corporate jobs and trimmed about $800 million in costs.

Best Buy founder Richard Schulze will likely make an initial offer to take the company private next week, the Star Tribune reports. That's after CEO Hubert Joly is expected to present his strategy to investors in New York. Joly had to postpone the meeting with Wall Street analysts after the destruction of Hurricane Sandy.