All 11 UK Best Buy electronics stores are to close, only 17 months after the first shops opened. The move puts 1,100 jobs at risk, parent company Carphone Warehouse has announced, because the retail outlets have failed to turn a profit. But Carphone Warehouse says it hopes it can find alternative jobs for a "large majority" of its Best Buy employees.
The Best Buy stores in the UK are part of a venture called 'Best Buy Europe', comprising US firm Best Buy and Carphone Warehouse. The company was formed in 2008 when Best Buy paid £1.1bn to buy a 50 percent stake in Carphone Warehouse's retail division. It runs stores in Liverpool, Derby, Bristol, Nottingham, Rotherham, Dudley, Thurrock, Southampton, Croydon, Hayes and Enfield. The group had said it hoped eventually to open up to 200 Best Buy stores in the UK and across Europe.
Carphone Warehouse said it would now focus on selling more electronics goods from its existing UK stores.
A Best Buy Europe statement says: "Since 2008, the consumer electronics marketplace has changed substantially as a result of the economic times, the progress of online retailing and the growth of new products such as smartphones, tablets and apps."