Best Buy Co. Inc. said it will close 15 of its big-box stores in Canada and lay off roughly 900 workers to "optimize the company’s retail footprint," the National Post reports. The newspaper says the move represents about 10 percent of the retailer’s square footage in the world's second-largest country.
The Richfield, Minn.-based consumer electronics giant will close eight of its Future Shop stores and seven Best Buy stores, according to a news release. Best Buy plans to open an undisclosed number of its smaller-concept web stores and mobile locations in Canada over the next three years.
"The move was based on an extensive review of Best Buy's retail footprint in Canada in an effort to reduce unnecessary costs, eliminate redundant operating systems and optimize its real estate strategy to reflect a changing retail landscape," Best Buy said in a statement, Reuters reports.
The news comes just weeks before Minneapolis-based Target Corp. is set to open its first stores in Canada.