Best Buy To Close 1 Chicago Store, 5 In Suburbs
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UPDATED 04/16/12 8:24 a.m.
CHICAGO (CBS) — Best Buy — the nation’s largest consumer electronics retailer — is announcing which of its many Chicago area stores will be closing next month.
As WBBM Newsradio’s John Waelti reports, Best Buy announced the closing of 50 stores nationwide late last month, but is now specifying which ones. There are six Chicago area stores that will be shutting down.
LISTEN: WBBM Newsradio’s John Waelti reports
The retailer says the South Side store at 87th Street and the Dan Ryan Expressway will be closing. The other five are all in the suburbs – in Addison, Deerfield, Matteson, Mundelein and West Dundee.
The stores are expected to close by mid-May.
No Best Buys in Indiana, Wisconsin or Michigan are closing.
Last month, the consumer electronics chain announced a new retail strategy focusing on smaller stores, Best Buy said it will remodel key stores into its new “Connected Store” format that will focus on how mobile, computer and wireless networking can make a difference in the average consumer’s life.
Best Buy is also opening Mobile small format stores through the country.
“We are deliberate and thoughtful when we make such decisions. We 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,” Best Buy spokeswoman Kelly Groehler said in a statement.
Best Buy earnings and stock have come under pressure as the company has continued to hemorrhage business to online retailers. Last month, the company cut 400 jobs at its Minneapolis headquarters.
Best Buy lost more than $1.5 billion in the fourth quarter of last year alone.