Connect with us

Hi, what are you looking for?

Business

Canadian consumer shock: Future Shops closed all across Canada

Future Shops to become Best Buys

Best Buy Co. is the parent company of Future Shop and the announcement Saturday said they will re-brand 65 of the 131 Future Shops, converting them into Best Buy stores. The remaining 66 Future Shops will close.

The re-branding of those Future Shop stores morphing into Best Buy stores is expected to take just one week, whereupon they will each re-open under the Best Buy banner. Some employees are being offered buy-outs, others will be retained and become Best Buy employees.

In total, 1500 jobs are gone.

“Any decisions that impact our people are never taken lightly; our first priority is to support them through this change,” Best Buy Canada boss Ron Wilson said in a statement. “I want to express my appreciation to the employees who are leaving, for their contributions to Best Buy Canada.”

Retail closures in Canada

The American-based Best BuyCo. has owned Future Shop since 2001 when it bought the franchise for $580 million. There was no warning of their intention to shut down Future Shop and customers voiced surprise at finding the store closed when visiting it Saturday morning.

Across the country Canadians who went to a permanently closed Future Shop location Saturday morning were met by the following sign on the front door: This store is permanently closed. We thank you for your support and look forward to serving you at your nearby Best Buy store.

The closure comes on the heels of other major retail closures in Canada. Target is now out of the country and Sony closed down their retail outlets in January.

Meanwhile, on the Future Shop website the following statement was posted: Future Shop and Best Buy are consolidating under the Best Buy brand. That means, the products, services, and features you have come to expect from FutureShop.ca can be found at BestBuy.ca.

Wilson’s statement said that Best Buy “will continue to have a strong store presence in all major markets in Canada.”

Written By

You may also like:

Social Media

Wanna buy some ignorance? You’re in luck.

Business

United Airlines CEO Scott Kirby said the carrier was reviewing recent incidents and would redouble safety initiatives as needed - Copyright AFP Logan CyrusUnited...

World

US President Joe Biden speaks during a reception honoring Women's History Month at the White House - Copyright AFP Brendan SMIALOWSKIDanny KEMPUS President Joe...

Business

A Milei marks 100 days in office, thousands protest his austerity measures - Copyright AFP Luis ROBAYOLeila MACORArgentina’s President Javier Milei has slashed public...