It seems every week, another retailer announces store closures due to financial struggles. GameStop, Sears, Walgreens, CVS, TGI Fridays, Foot Locker, Pizza Hut, Boston Market and Rite Aid are just a few of the many companies that have had to shutter locations. It’s also something the nation’s biggest electronics retailer, Best Buy, has done in the past, and they are about to do it again.
Earlier this year, to help with their financial issues, the company announced plans to close 24 stores nationwide. They also saw significant layoffs, but the troubles have still plagued them. Their sales dropped another 2.3% in the second quarter. To continue to offset the losses, in their latest earnings call, the company announced plans to shutter an additional 15 stores.
As yet, there is no word on which Best Buy locations will be closing. The company plans to conduct a “rigorous review of stores as their leases come up for renewal” to help inform their decisions. In addition to the closures, Best Buy plans to focus more on opening smaller stores as opposed to running larger ones. They also intend to open in areas where they are not already established.
At its peak in 2013, Best Buy had 1,779 stores, but they are now down to 1,125, still making them the nation’s largest brick-and-mortar electronics retailer.
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