Sunday, April 15, 2012
News Update: Best Buy releases list of stores to close this year
Best Buy has released a billing of the stores it will close in the U.S. this year.
The big-box retailer is closing 50 stores and compensating employees based on business partner service after its fiscal fourth-quarter sales fell short of expectations. Like other brick-and-mortar businesses, Best Buy has been feeling the heat from web presence marketing juggernaut Amazon.
Here's Best Buy's statement, followed by the tally of stores:
RICHFIELD, Minn. - April 14, 2012 - Best Buy announced plans March 29, 2012 to close 50 U.S. stores as part of a number of key initiatives for this year. To date, we have closed two stores this year (one in Kansas City, Mo., and one in Scottsdale, Ariz.), plus have notified five Twin Cities stores and one San Antonio store that they will close later this year.
This morning, we have confirmed the remaining 42 store locations that will close. A complete listing of store locations can be found at the end of this statement. Employees of these 42 stores have been notified this morning.
This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.
We will be working to help these employees find other positions inside Best Buy. If they don't find new positions, or if they choose not to work at a alternative location, a transition including severance packages will be available.
Three of these 42 locations remain open today, Saturday; the rest of the affected stores are closed today, and will reopen Sunday, April 15. clients currently doing business with these stores are being contacted today.
We expect most of these stores will permanently close by May 12. Three additional locations are expected to permanently close later this summer. 2
Best Buy continues to have additional retail store locations - big boxes and standalone Best Buy mobile stores - for clients to choose from in these affected locations.
More broadly, our previously announced retail store actions are intended to increase points of presence, while decreasing overall square footage, for increased flexibility - including key store remodels with a new Connected Store format, while continuing to build out the acomplished Best Buy mobile tiny format stores throughout the U.S. We will continue to share details of such actions as the year progresses. We are committed to making it easier for business colleagues to shop with us, whenever and wherever they want.