Best Buy Close all Stores in UK

Despite being in the UK for a mere year and a half, Best Buy has announced that it's to close all eleven of its UK stores by the end of 2011, after failing to run a profit during its operation. A consultation with staff has begun, although its not currently clear whether Best Buy's UK website will continue to run.

A joint venture with Carphone Warehouse, Best Buy's introduction to the UK has made a pre-tax loss of £46.7 million for the first half of the financial year and a £28.8 million loss for the same period last year, leading to this decision to cease operations in the UK.

"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," said Roger Taylor, CEO of Carphone Warehouse Group. "Due to the lack of visibility of an acceptable rate of return on historical and future potential investment we have decided against rolling out more 'Big Box' stores and we will be closing our existing stores, subject to consultation with our employees."

Our immediate focus is our people and we are confident that the large majority will be offered alternative positions elsewhere in our UK business."

SourCe

Best Buy is the Worst Buy.... so fuck them.