Facing pressure from online electronics retailers such as Amazon and Apple, Best Buy Canada will close 15 of its big box stores before opening smaller outlets.
The move, which represents about 10% of the retailer’s square footage in this country, will mean layoffs for an estimated 900 employees.
“The retail landscape continues to change and our success is dependent upon our ability to evolve along with it,” Mike Pratt, president of Best Buy Canada said in a statement sent exclusively to the Financial Post.
“By taking a proactive approach in transforming our operations now, I have no doubt we will be in the best position to continue innovating our store experience for consumers and grow into the next decade.”
The company, which is closing stores in the British Columbia, Quebec, Manitoba, Alberta and Ontario markets, will open a substantial, but unspecified number of its smaller Future Shop…
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