The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on March 21, 2024, 03:54:33 pm
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Best Buy says it will close 10 to 15 stores in 2024
by Patty Coller, Addy Bink and Ashleigh Jackson - 03/21/24 7:13 AM ET
(WKBN) — Best Buy is looking to close some stores this year and work to offer a smaller experience for customers in some markets.
The company is looking to close 10 to 15 stores, following the closing of 24 stores last year, CFO Matthew Bilunas said during a fourth-quarter earnings call with investors last month.
He explained that Best Buy will “close existing traditional stores during our rigorous review of stores as their leases come up for renewal.”
The company cited consumer spending habits, lowering of product innovation during the pandemic, and “supply challenge years,” among other things.
Best Buy has not yet said what stores will be impacted. Nexstar’s WJW reports that a location in Wooster, Ohio, has already shuttered.
more
https://thehill.com/business/4545546-best-buy-says-it-will-close-10-to-15-stores-in-2024/
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Brick and mortar stores are a relic.