Best Buy Co.’s Canadian division is closing 15 stores and laying off roughly 900 workers as it struggles to compete with Amazon and other online electronic retailers.
BestBuy will close eight of its Future Shop stores and seven Best Buy stores in Canada, leaving them with approximately 245 stores in service. The closures will result in about 5% of the company’s Canadian workforce being made redundant, according to a Reuters report. <\/P>
“The move was based on an extensive review of Best Buy’s retail footprint in Canada in an effort to reduce unnecessary costs, eliminate redundant operating systems and optimize its real estate strategy to reflect a changing retail landscape,” Best Buy said in a statement.<\/P>
In response the company said it will open “new Future Shop Small-Concept web stores and new Best Buy Mobile locations across Canada.” <\/P>
The company has been a go-to for savvy customers eager to eye products out in person, only to purchase them from online retailers. <\/P>
Last year Best Buy closed 50 stores and 100 mobile locations in the US, including six big-box stores in Minnesota.
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