It’s been a tough year for Best Buy. The COVID-19 pandemic forced the company to close its stores for several months and resulted in a sharp decline in sales. Now, it looks like the company is planning to close even more stores in 2021.
According to a report from Bloomberg, Best Buy is planning to close about 150 stores worldwide in 2021. The report cites people familiar with the matter, who say that the company is looking to focus on its more profitable locations.
Best Buy has not confirmed the report, but it’s not surprising given the challenges the company has faced this year. In addition to the pandemic, Best Buy has also been dealing with increased competition from Amazon and other online retailers.
The COVID-19 pandemic has been tough on all retailers, but it’s been especially difficult for companies like Best Buy that have large brick-and-mortar operations. With more people shopping online, there’s less need for physical stores.
It’s still unclear how many of Best Buy’s stores will actually be closing in 2021. The company has not commented on the report from Bloomberg, and it’s possible that the plans could change. We’ll be sure to update this story as we learn more.
Is Best Buy closing stores in 2021? It looks like it might be, although nothing has been confirmed yet. If true, it would be part of a trend of retailers struggling amid the COVID-19 pandemic and increased competition from online retailers.
