Best Buy has now finalized the list of the 50 stores it plans to close this year to try to right its balance sheet.
On March 29 Best Buy announced it would be closing 50 stores this year. Up until now the details have not been released, but we now know the full list of the stores that will close and the details of how the process will move forward.
Starting today the stores will reopen with the plan of the majority of them being closed by May 12; three of the stores will remain open through the late summer. Best Buy says it will assist the employees in finding other positions inside the company, but barring that happening they will be offered transition packages that include a severance.
California appears the hardest hit with seven closings, followed by Minnesota with six.
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Note: Two stores in Kansas City, MO (Metro North) and Scottsdale, AZ (Shea) permanently closed in February 2012.
Check out the press release for more details.
Best Buy Confirms Closure Plans for Remaining 42 U.S. Big Box Stores
Brings total of store closures to 50 by end of 2012
Most locations will permanently close by May 12; three additional locations to close by late summer
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 list 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 different 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. Customers 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 customers 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 successful Best Buy Mobile small 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 customers to shop with us, whenever and wherever they want.
Note: Two stores in Kansas City, MO (Metro North) and Scottsdale, AZ (Shea) permanently closed in February 2012. [press_end]