Monday, November 7, 2011
BEST BUY CLOSING IN UK
Best Buy Europe, the joint venture between Best Buy Inc. and Carphone Warehouse, has been shuttered after just 18 months in business. In that short amount of time, it lost £80 million ($127 million), largely due to consumer belt-tightening and increased competition from cheaper online retailers. Up to 1,100 jobs will be lost at the eleven UK stores currently open in Thurrock, Bristol and Wolverhampton, among other locations, bringing to an end the company's ambitious plan to open 200 stores across Europe.
At the same time, the US giant declared it would buy out its European partner's stake in the Best Buy Mobile chain as it continues to pull out of unprofitable foreign operations.