Having opened its first UK store last year Best Buy looks set to make a hasty exit from the UK retail scene with closures to be announced tomorrow
Retail firm Carphone Warehouse is reportedly set to confirm the closure of Best Buy stores in the UK with the decision due to be revealed at the company’s financial results announcement later this week.
With the first of the 11 current Best Buy UK stores opening its door last year, Carphone Warehouse’s plans to open 200 stores across Europe buy 2013 was quickly seen as overly ambitious with analysts predicting the demise of the Best Buy brand in Britain for a number of months.
"We always said we would open 11 stores and then conduct a strategy review. We are now conducting our evaluation with our partners and will provide an update in due course," an official spokesman for Carphone Warehouse said on the matter.
Set to rack up a loss in the region of £70 million this year, the flailing Best Buy UK stores are expected to be earmarked for closure when parent company Carphone Warehouse announces its interim management statement tomorrow. The store closures could see 1,100 staff laid off.
What do you make of the Best Buy stores in the UK, welcome addition to the tech retail chain or unnecessary warehouses of dated stock? Let us know via the comments box below.