Bye Bye British Best Buy?
Parting is such sweet sorrow.
Electronics giant Best Buy only arrived in the United Kingdom 18 months ago but Carphone Warehouse is already preparing to shut all of the stores that have popped up around the UK in the last year and a half.
When Carphone Warehouse and Best Buy teamed up to form the joint venture that was Best Buy Europe, the original plan was to have 200 shops across Europe by 2013, however, that is no longer on the cards. In fact, just 11 had been opened by June of this year, at which point the roll-out was officially halted.
The newspaper yesterday reported that CW would confirm its decision to pull the plug on Best Buy UK when it announced its half-year results. The news was confirmed today, with Carphone Warehouse saying the focus would now be on selling more goods at the 805 Carphone Warehouse UK stores owned by Best Buy and the 1,648 Phone House locations in Europe.
The shutting down of 11 locations puts 1,100 jobs at risk, though Carphone is hoping to relocate the majority of these people to other parts of the company. The stores have so far managed to rack up losses of £83m, with further half-year losses of £35m expected in the near future.
Will you miss Best Buy UK? Let us know in the comments below!