Best Buy stores in New Jersey are safe from the latest closures, the company announced Saturday.
“This morning, we have confirmed the remaining 42 store locations [out of 50] that will close,” Best Buy said in a news release (attached as PDF). … Employees of these 42 stores have been notified this morning.”
“This was not an easy decision to make,” Best Buy said. “We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.”
The company said it will be working to help affected employees find other positions inside Best Buy.
“If they don’t find new positions, or if they choose not to work at a different location, a transition including severance packages will be available,” the company said.
Best Buy said three of the 42 locations remained open Saturday; the rest are closed Saturday, and will reopen Sunday, April 15.
“Customers currently doing business with these stores are being contacted [Saturday],” the company said.
“We expect most of these stores will permanently close by May 12. Three additional locations are expected to permanently close later this summer.”
On March 29, the electronics retailer announced it would close 50 of its U.S. big box stores and lay off 400 employees at corporate and support levels.
The news came after the company based in Richfield, Minn, released its fiscal year fourth-quarter earnings, showing a $1.7 billion loss in revenue.
The news of closures and downed profits were not a surprise to many, as Best Buy reported shortfalls after its third quarter in 2011 as well.
In January 2012, and also suggested it was getting closer and closer to bankruptcy every day.