Best Buy UK stores to close
Carphone Warehouse is to close its chain of Best Buy electrical stores across the UK, the company has announced.
In a statement issued this morning, the company said it had launched a consultation about the closure of the 11 Best Buy UK stores as it looks to focus its growth strategy around selling more electronics through its Carphone Warehouse stores.
CPW said it hoped to find jobs for the large majority of the 1,100 Best Buy UK staff in other areas of the organisation.
The Best Buy UK stores are a joint venture between CPW and Best Buy Co Inc in the US. The joint venture has not been profitable as the UK stores have been hit by weak consumer spending and competition from established electrical retailers such as Dixons.
In an additional move, Carphone Warehouse has agreed to sell its share of its US mobile phone joint venture to Best Buy Co Inc for $1.3 billion.
