Microsoft will close its physical stores and collect $ 450 million

Microsoft Corp. MSFT,
He said Friday that he will close all of his physical stores, as part of the new focus of the software retailer and cloud giant. The company expects to record a charge of $ 450 million, or 5 cents per share, during the current fourth fiscal quarter, for amortizations and devaluations of assets. The new approach comes after the company closed its Microsoft Store locations in late March as a result of the COVID-19 pandemic. The company said its retail employees will continue to work at corporate facilities and remotely. “Our sales have grown online as our product portfolio has evolved into largely digital offerings, and our talented team has proven successful in serving clients beyond any physical location,” said corporate vice president David Porter. “The evolution of our workforce ensured that we were able to continue serving clients of all sizes when they needed us most, working remotely in recent months.” Microsoft shares, which fell 0.3% in premarket trading, have recovered 27.0% from year-to-date through Thursday, while the DIA Jones Industrial Average DJIA,
it has lost 9.8%.