The electronics powerhouse Best Buy UK have announced that they will be closing up their eleven shops throughout the UK due to massive losses.
Best Buy UK is a joint venture between Carphone Warehouse and Best Buy US. While Best Buy thrives in the States, unfortunately, Best Buy UK suffered a massive pre-tax loss of £46.7 million for the first half of this financial year. This is nearly double the £28.8 million loss from the first half last year.
Carphone Warehouse's chief executive Roger Taylor had this to say: "The eleven Best Buy UK 'Big Box' stores have performed exceptionally at the level of customer satisfaction, but they do not have the national reach to achieve scale and brand economies."
For anyone working in any of the Best Buy UK stores, Taylor is confident that a large majority of them will be offered jobs else where.
Source: Internet Retailing