Best Buy to Close Its Small-Format Mobile Phone Stores

This Monday, May 22, 2017, file photo shows a Best Buy sign at a store in Hialeah, Fla. Best Buy said it will no longer sell software made by the Russian company Kaspersky Labs. Photo: AP/Alan Diaz, File
This Monday, May 22, 2017, file photo shows a Best Buy sign at a store in Hialeah, Fla. Best Buy said it will no longer sell software made by the Russian company Kaspersky Labs.

February 28, 2018 06:38 PM

Best Buy is shuttering all 250 of its small-format mobile phone stores in the U.S., saying the locations have become less profitable.

A memo from the CEO to employees says the stores will close by the end of May and every effort will be made to retain the workers.

Advertisement

The nation's largest consumer electronics chain launched the stores more than a decade ago, before Apple's iPhone was launched. The mobile phone business was growing quickly, with high profit margins.

But it said the business has matured and running the mobile stand-alones cost more than its larger stores, and that 85 percent of the stand-alones are within 3 miles of a big box store.

Best Buy says the stand-alone stores accounts for just over 1 percent of the company's total revenue.

 

Credits

Associated Press

(Copyright 2018 by The Associated Press. All Rights Reserved.)

Advertisement

Minneapolis Looks to Solve Flash Flooding Issues on North Side

Residents in Morristown Help Each Other Pick Up After Tornado

TRUTH TEST: Did Jason Lewis Trade Vote for Cash?

Lawmaker Elects to End Reelection Bid After Daughter's Allegations

West St. Paul Police: Missing Woman Has Been Located

Park Service Capturing Minnesota Wolves to Relocate to Isle Royale

Advertisement