STATEN ISLAND, N.Y. — Best Buy has announced it will close about a dozen stores across the United States and conduct layoffs due to declining sales.
The news was made public during a company earnings call on March 14, USA Today has reported, publishing comments made by Best Buy’s Chief Financial Officer Matt Bilunas.
“As our ongoing practice, we will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal,” Bilunas said, noting that the company expects to close 10 to 15 stores by 2025.
Best Buy’s Chief Executive Officer Corie Barry said that the company is making the move to improve the customer experience, closing larger stores and opening smaller locations and a few additional outlet centers.
“We are planning to open a few additional outlet centers and new formats to continue to test two important concepts,” Barry said during the call. “First, we will open small locations in a couple outstate markets where we have no prior physical presence … second, we will test our ability to close a large-format store and open a small-format store nearby, thereby maximizing physical store retention through convenience.”
The company’s goal is to create more “vibrant and exciting” centers with updated technology, Barry noted.
According to Best Buy’s website, there are 1,050 stores in the United States, 53 of which are in New York. The company has not yet said where the store closures will occur. Best Buy did not respond to a request for comment about the status of the Staten Island store in New Springville.
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