The Best Buy in Biddeford will shut its doors before the end of 2012, company officials announced Saturday.
According to a news release, a total 50 stores will be out of business by the year’s end.
Late last month, the company reported a $1.7 billion loss in its fiscal fourth quarter 2012, compared with net income of $651 million one year ago. Last week, Best Buy CEO Brian Dunn abruptly resigned the consumer electronics chain launched an internal investigation into his “personal conduct.”
Best Buy has struggled to compete in a market that has become increasingly dominated by online retailers like Amazon, and the Minnesota-based retail giant says the closings will allow the company to focus on its growing Best Buy Mobile store locations.
“This was not an easy decision to make,” the statement read. It also went on to say that the locations were carefully chosen and the company will ensure the impact to employees and customers will be as “minimal as possible.”
Employees will be offered other positions at Best Buy and transition severance packages will be made available.
The statement did not say how many employees would be affected.
The company announced last month that it plans on opening the same number of stores in China during the same time period.
Best Buy currently has 1,105 big-box stores in the U.S., not counting the pending closures, according to company spokeswoman Kelly Groehler. In China, there are 185 stores under the company’s Five Star brand, she said.
Other states affected by closures include six in Illinois, four in California, three in Virginia, two in Arizona, Florida, Georgia, Massachusetts, Maryland, North Carolina, and Ohio, and one each in Colorado, Kansas, Minnesota, Missouri, Nebraska, New York, Puerto Rico, Rhode Island, Tennessee, Texas and Washington.
For a full list of affected stores, check out a list here.
(c)2012 KTLA-TV (Los Angeles)
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