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Best Buy closes Canadian subsidiary Future Shop

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Best Buy has announced that it is closing its Canadian subsidiary, Future Shop.

The US consumer electronics chain is converting 65 of 131 Future Shop stores into Best Buy outlets.

As a result of the move, 500 full-time jobs and 1,000 part-time jobs will go, the retailer said.

Future Shop, Canada’s biggest electronics brand, had been owned by Best Buy since 2001.Best Buy closes Future Shop

After the changeover is completed, Best Buy will have 192 Canadian stores.

Best Buy said it would be investing C$200 million ($158 million) in its operations there over the next two years.

There would also be restructuring costs of at least C$200 million, it added.

Analysts say the move will rationalize Best Buy’s offer in Canada and get rid of duplication. Best Buy and Future Shop outlets are often found in close proximity, they say.

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Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.