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.”
