Best Buy Is Closing Several Stores, Including Two In Minnesota
Sound of Music was a stereo store that Richard M. Schulze opened in St. Paul back in 1966. The company's name was changed to Best Buy in the early 80s and the rest is kind of history. Best Buy was named "company of the year" by Forbes in 2004.
The big box store that specializes in electronics, computers, appliances, cell phones, and video games currently has over 1,000 locations operating in the United States, but, according to Retail Dive, they plan to close as many as 30 in 2023. Two Minnesota stores have already been shut down.
Best Buy Is Closing Several Stores Including Two In Minnesota
CNBC outlined the most recent earnings call in which the retailer said they "expect revenue between $43.8 billion and $45.2 billion, a decline from its most recent fiscal year."
Did you know that Best Buy is actually based in Minnesota and is one of the biggest companies in the state? They employ 125,000 people and their famous logo is one of the most recognizable in the state.
There were 20 of the big blue and yellow tech stores operating throughout the state until earlier this week when two were closed down.
Axios says the Shakopee and Blaine locations are now closed. The company does plan to reopen the Blaine location as an outlet store.
No other closings have been announced in Minnesota.
In other retail news, shopping at Costco could soon cost more. The company's CFO is hinting at raising the membership fee this year. Read more here.