Best Buy lays off 1,500 workers in Canada, shutters Future Shop brand and closes 66 locations

Best Buy is laying off 500 full-time and 1,000 part-time employees in Canada as it consolidates operations.

The Richfield, Minnesota-based company also announced Saturday that it will close 66 of its Future Shop locations and rebranding the remaining 65 as Best Buy stores. The Future Shop website will be folded into Best Buy's site.

After the changes, the company will have 192 locations across Canada, including 136 large-format stores and 56 Best Buy Mobile stores.

All Future Shop gift cards will be accepted at any Best Buy Canada location and at BestBuy.ca and items can also be returned to any Best Buy location.

The company says it plans to invest $200 million Canadian ($160 million in U.S. dollars) in the market in the next two years.