Best Buy details 50 store closings
Best Buy has announced which of retail stores will be shutting its doors.
The admittedly struggling company announced recently that it was planning a large restructuring that would involve shutting down 50 of its stores in the US.
Now, it is revealing every one of those locations. Two of them have actually already been closed. Of the remaining 48, here's the state-by-state distribution, as well as one in Puerto Rico:
North Carolina: 2
New York: 1
Puerto Rico: 1
Rhose Island: 1
Locations range everywhere from small, sparsely populated cities to locations in major metropolitan areas (the one store closing in New York is in Manhattan on 117th Street).
Best Buy has launched many initiatives to try to keep its market value strong as customers move away from brick-and-mortar stores into online shopping and digital distribution.
Some, like its high-margin Geek Squad service, have proven to be profitable. Others have been complete flops, including its attempt at expanding into markets like Europe and China.
After too many bungled ideas, CEO Brian Dunn, who was considered one of the most passionate and hands-on CEOs in all of retail, stepped down, serving what was perhaps the most salient admit of defeat for the company.