Another massive retailer is now closing 15 stores this year after its CEO announced that it would be shuttering traditional locations.
Best Buy is closing 15 stores nationwide this year, and fans are not happy about it.
The company’s chief financial officer (CFO) made the announcement during an earnings call in March that the chain will “continue to close existing traditional stores.”
It comes after Best Buy shuttered 24 locations in 2023.
This year, the electronics retailer will undertake “a rigorous review of stores as their leases come up for renewal.”
Some of these 15 stores have already closed, including one in Wooster, Ohio, and one in Apple Valley, California.
Customers have expressed their feelings about the shutterings on social media.
“Different era, different time,” wrote one on Facebook. “Same business model, it was inevitable.”
“We were shocked to see the Kildeer, Illinois location closed and I saw them removing the sign the other day,” said another.
Best Buy CEO Corie Barry shared more about the company’s future plans during last month’s earnings call.
She said the chain will “open small locations in a couple of out state markets.”
Since then, Best Buy’s famous Geek Squad division was scaled-down with a layoff announcement.
However, Best Buy is far from the only major retailer closing stores this year.
Shoe store Footlocker is in the process of closing 400 locations by 2026.
Most of these stores are in shopping malls, which have seen a decline in traffic in recent years.
Bath and Body Works is another mall staple that is trimming down its physical retail presence
In 2023, it announced the closure of approximately 50 locations.
Meanwhile, dollar stores are having a tough time, despite many Americans tightening their belts.
Family Dollar will be closing nearly 1,000 locations, with 600 of these shuttering by the first half of 2024.
Meanwhile, 99 Cents Only is set to close down 371 stores due to bankruptcy.
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Also Read: Three Massive Bank Branches Are Now Closing in California
Other Economy News Today
An iconic business in California now makes an unexpected closure of all of its 62 locations for good, disappointing workers and customers.
With the increase of minimum wage for fast food workers in California, came the closure of a beloved ice cream store, reports The-Sun.
On April 1, a Fosters Freeze location in Lemoore, California — about three hours north of Los Angeles — shut down.
That happened to be the same day the new minimum wage, which is now $20 an hour rather than $4, kicked in for fast food workers, reports the outlet.
“Some employees thought that the closure was an April Fool’s joke.”
“I was so caught off guard. We had no type of notice, no type of warning either. I mean the owner had told me Happy Easter,” Assistant General Manager Monica Navarro told Fox affiliate KMPH.
Another former employee had a similar reaction.
“We had gotten a text in the group chat that we were shutting down, and I completely thought it was an April Fools joke,” former employee Jason Boado told the outlet.
However, it was not a joke.
“Last thing I ever wanted was to close down,” Loren Wright, the owner of the Fosters Freeze, told the outlet.
“By Friday night I knew I was most likely not gonna be able to stay open but I didn’t want to ruin their Easter Sunday.”
Navarro drove to the store and was met with Wright handing out final paychecks.
The former assistant manager told the outlet that her boss had blamed the closure on the increase, but he didn’t tell anyone the restaurant would be shutting down.
She was excited about the wage increase but now sees that it could be an issue.
“Please be nice to your fast food workers,” said Navarro.
“They’re going to be getting their hours severely cut running small, small shifts. They’re going to have people yelling at them for the menu increases.”
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Also Read: Three Massive Bank Branches Are Now Closing in California
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