Published Mar 28, 2015Major music retail chains have faired badly in recent years, and now Canadian electronics giant Future Shop has announced that it is closing all of its locations across the country.
Future Shop announced the news today (March 28), and it is taking effect immediately. This means that 66 stores have been closed permanently, while another 65 stores will be turned into Best Buy locations and will reopen next week. Best Buy previously bought out Future Shop back in 2001, and the two retailers have existed under the same parent company since then.
A press release explains that part of the reason for the change is that some Best Buy and Future Shop locations are located adjacently and are in direct competition. "Currently, 80 percent of our customers are within a 15 minute drive to a store and this won't change," Best Buy Canada boss Ron Wilson said in a statement. "We will continue to have a strong store presence in all major markets in Canada."
The company will be cutting 500 full-time jobs and another 1,000 part-time positions.
Meanwhile, Best Buy is apparently looking to up its game by investing $200 million into its stores and website. This will include opening up a home appliance section in its stores.