MASON CITY – The Best Buy “big box” store in Mason City is not on the latest list of store closures released by the Best Buy Corporation on Saturday.
No Iowa stores were on the list, but several from Minnesota are, including a store in Rochester and a store in Lakeville. A store in Omaha, Nebraska will be closed as well.
Best Buy has taken a beating in recent years due to online shopping and other factors.
Read the company press release here:
RICHFIELD, Minn. – April 14, 2012 – Best Buy announced plans March 29, 2012 to close 50 U.S. stores as part of a number of key initiatives for this year. To date, we have closed two stores this year (one in Kansas City, Mo., and one in Scottsdale, Ariz.), plus have notified five Twin Cities stores and one San Antonio store that they will close later this year.
This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.
We will be working to help these employees find other positions inside Best Buy. If they don’t find new positions, or if they choose not to work at a different location, a transition including severance packages will be available.
Three of these 42 locations remain open today, Saturday; the rest of the affected stores are closed today, and will reopen Sunday, April 15. Customers currently doing business with these stores are being contacted today.
We expect most of these stores will permanently close by May 12. Three additional locations are expected to permanently close later this summer.
Best Buy continues to have additional retail store locations – big boxes and standalone Best Buy Mobile stores – for customers to choose from in these affected locations.
More broadly, our previously announced retail store actions are intended to increase points of presence, while decreasing overall square footage, for increased flexibility – including key store remodels with a new Connected Store format, while continuing to build out the successful Best Buy Mobile small format stores throughout the U.S. We will continue to share details of such actions as the year progresses. We are committed to making it easier for customers to shop with us, whenever and wherever they want.
Most of the stores that are closing were located in towns that had multiple Best Buy stores. It only makes sense to consolidate operations.
Yes, I noted that the Chicago area is loosing six stores. Think what one likes about Best Buy, they are nice to have in the area.
We consumers are the cause of this problem. Best Buy is figuring it out and looks like they are ahead of the problem and will be in good shape. Customers are going to the stores, testing the products out to see if they like them, then go home to shop on line for the best price they can find for the item.
Looks like Best Buy will move to a Kiosk model to get rid of their overhead with store leases and all that inventory all over the country and employee’s so that they can reduce their on line pricing and be competitive. Sounds like a good business model to me! At least they were ahead of this and didn’t wait and just have to go out of business.