US electronics chain Best Buy closes Canadian subsidiary

  • Best Buy, the American consumer electronics chain, is closing Future Shop, its Canadian subsidiary. It has also announced its plan to convert 65 stores into Best Buy outlets. 

    Due to this decision, 500 full-time and 1,000 part-time jobs will be cut, it said.

    Best Buy has owned Future Shop, the biggest electronics brand in Canada, since 2001. Once the change comes into effect, there will be more than 190 Best Buy stores in Canada.

    The company also announced that it will invest $158 million in its Canadian operations over the next 24 months.

    Tagged as: Best Buy, consumer electronics chain, Future Shop, Canadian subsidiary, Best Buy outlets, US business, business news