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Best Buy plans to close 10-15 stores by 2025, the company announced on its Feb. 29 quarterly earnings call.
Consumer electronics store Best Buy announced it will close some stores across the U.S. and conduct layoffs due to declining sales.
Electronics retail giant Best Buy has closed stores in its network every year since 2012 as it responds to "customer and demographic shifts."
Future Shop, an electronics chain in Canada, had all of its locations abruptly closed by owner Best Buy in March 2015, with 66 locations closing permanently and 65 locations reopening as Best Buy on April 4, 2015.
On March 1, 2018, the company announced that it would shut down its 250 standalone Best Buy Mobile stores in the United States by the end of May, due to low revenue and high costs. The Best Buy Mobile stores were reported to account for 1% of the company's revenue.
On January 14, 2021, it was announced that Best Buy would be closing as part of a plan to close 5 stores nationwide. The store closed on February 27, 2021. On April 1, 2021, it was announced that Best Buy would reopen as Best Buy Outlet in May 2021.
Best Buy is closing its store in Apple Valley, one of 15 to 20 stores the electronics giant is planning to close in the U.S. this year. Its last day of business will be March 2.
On March 28, 2015, Best Buy Canada announced that Future Shop would cease business effective immediately. 66 locations were permanently closed, and the remaining 65 locations were soft launched as Best Buy locations on April 4, 2015 (although still carrying Future Shop signage for the time being). In the months that followed, the locations were ...
Best Buy says it plans to close 10 to 15 stores over the next year. See where it has stores in Iowa.
Throughout the 21st century, retail businesses in Canada have felt the pressures of foreign store expansions into the country, as well as a shift towards online retail. As a result, closures have been a mix of stores unique to the nation, as well as newcomers like Target Canada .