Update: Lakeville Best Buy to close
As part of Richfield-based Best Buy’s $800 million cost-cutting measures, the company will close its Lakeville store, according to a news release from the company.
Best Buy reported last week it was closing 50 big box stores in 2013. Four other metro locations are also set to close, leaving about 300 employees unemployed. The company has said it would pursue transfers for the laid off-workers.
“In order to help make technology work for every one of our customers and transform our business as the consumer electronics industry continues to evolve, we are taking major actions to improve our operating performance,” said Brian J. Dunn, CEO of Best Buy.
Best Buy has 1,450 locations nationwide and hundreds more in other countries. The company notified its employees the stores will close sometime this fall.
As it reduces the number of its traditional big box stores, the company also plans to open another 100 U.S. Best Buy Mobile small format stores in that time period. According to the company, it expects to more than double by 2016 its current crop of such stores from the 305 it has today.
Best Buy will also try out its “Connected Store” format in select markets, including the Twin Cities.
These stores, Dunn said in the release, “provide a better shopping environment for our customers across multiple channels while increasing points of presence, and to improve performance and profitability.”
These new stores are expected to open by Christmas.