Future Shop stores closing in Canada, some to l become Best Buys, 1,500 jobs lost

Associated Press

U.S.-based electronics retail giant Best Buy Co. is closing its 131 Future Shop stores across Canada and will re-open 65 of them under the Best Buy banner in a bid to bolster business.

Company spokesman Thierry Lopez said Saturday that the converted stores will reopen after a one-week closure.

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The move will bring the total number of Best Buy stores in Canada to 192.

Lopez says there will be a net loss of 500 full-time and 1,000 part-time jobs.

Lopez said Best Buy will invest up to $158 million (CA$200-million) in Best Buy stores and its website, while launching major home appliances in all stores and increasing staff levels.