Best Buy to sell Musicland subsidiary

“We are working diligently to complete a sale of Musicland,” chief executive Brad Anderson said in a news release.

Anderson said Connie Furhman, executive vice president of Musicland, was promoted to president of the subsidiary to lead it during the transition. The company said it expected to report on Musicland’s status in June.

Best Buy, based in Minneapolis, is a leading retailer of consumer electronics, computers, entertainment software and appliances.

Earlier this month, the company said it was laying off 60 people as it reorganized its marketing and retail support departments. In January, Best Buy announced the closing of about 110 Sam Goody and Suncoast stores, citing a decline in sales of prerecorded music and the slowdown in mall traffic.