Electronics retailer Best Denki plans to close 50 to 70 stores by February 2012 and cut staff numbers by several hundred to slash costs.

The cuts follow the revelation of increased losses in the retailer’s third quarter.

Best Denki will also liquidate its Sakuraya subsidiary, with its 15 stores closing next month.

Chairman Kenichi Arizono and president Takashi Hamada have both resigned.