Business & Tech

Best Buy Closing 42 Stores, but None in Connecticut

Decision made in March after poor fourth-quarter earnings.

Best Buy stores in Connecticut are safe from the latest closures.

“This morning, we have confirmed the remaining 42 store locations [out of 50] that will close,” Best Buy said in a news release (attached as PDF) on Saturday. … Employees of these 42 stores have been notified this morning.”

Several Best Buys operate in Connecticut, including stores in Waterford, Meriden, Newington, West Hartford and Manchester.

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“This was not an easy decision to make,” Best Buy said. “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.”

The company said it will be working to help affected employees find other positions inside Best Buy.

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“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,” the company said.

Best Buy said three of the 42 locations remained open Saturday; the rest are closed Saturday, and will reopen Sunday.

“Customers currently doing business with these stores are being contacted [Saturday],” the company said.

“We expect most of these stores will permanently close by May 12. Three additional locations are expected to permanently close later this summer.”

The decision to close stores was made after the company released its fiscal year fourth-quarter earnings, showing a $1.7 billion loss in revenue.

The news of closures and declining profits are not a surprise to many, as Best Buy reported shortfalls after its third quarter in 2011 as well.

Best Buy had already shut gown two locations — a store in Kansas City and another in Scottsdale, Ariz., in February.

Five stores in the Minneapolis-St. Paul area and one in San Antonio will also shut their doors as previously announced.

 

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