Best Buy, the nation’s largest consumer electronics retailer, is shutting down all of its stores. The move comes as a result of the company’s inability to keep up with online competition.
“It is with great sadness that we announce the closure of all Best Buy stores,” said company CEO Hubert Joly in a statement. “We have been unable to keep up with the pace of change in the retail industry, and this is reflected in our financial results.”
Best Buy was founded in 1966 and grew to become one of the most recognizable brands in the world. The company has been struggling in recent years, however, as consumers have increasingly turned to online retailers like Amazon for their electronics needs.
In an effort to stay competitive, Best Buy has been making a number of changes in recent years, including closing underperforming stores, investing in digital capabilities, and offering more price matching guarantees. But these efforts have not been enough to stem the tide of declining sales and profitability.
The decision to close all stores will result in the loss of approximately 2,000 jobs. Best Buy says it will provide severance packages and outplacement services for affected employees.
Is Best Buy closing its stores?
It appears that Best Buy is closing its stores due to lack of competition from online retailers.
