Best Buy shops in the UK are closing, as Carphone Warehouse powers down its joint venture to bring the popular US chain to British shoppers. The decision leaves over 1,000 jobs at risk, the Guardian reports.
Best Buy landed with flags waving last April, with a massive shop in Thurrock marking the company's first foray into the UK market -- a launch that. Now there are 11 such 'big-box' shops, all of which are facing the axe.
The issue? The struggling economy, of course. Coupled with reports of management problems, the fact that everyone is a little bit poorer right now means we're less likely to splash out on pricey gadgets and so-called luxury items.
Best Buy's efforts in the UK have reportedly been extremely costly, creating huge losses, with a further £35m deficit for the last six months expected to be confirmed this week, according to the Guardian.
Best Buy will live on in the form of much tinier outlets housed within Carphone Warehouse shops. Carphone has said it hopes to find the majority of the 1,100-strong Best Buy workforce a job elsewhere in the company.
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