As you are probably already aware, Best Buy has closed most of its Future Shop locations, converting some back into Best Buys and closing the rest. What you probably aren’t aware of is the fact that the closure will reportedly cost Best Buy $191 Million with an additional loss of 90 million expected in the near future.
The $191 Million dollar loss is due to things like employee severance, backign out of leases and writign down the value of assets.
With the closures of Future Shop and Best Buy’s announcement to open an Amazon competing e-commerce portal, the losses are due to Best Buy’s bold move to shake things up or fall into irrelevancy.
According to an article by the CBC, Best Buy is confident that although there are huge losses, Best Buy will come back stronger and will pay off down the road.
Read more through CBC here