Best Buy will stop using the Future Shop brand in its Canadian operation, closing 66 stores and renaming 65 others, the company said Saturday. The move, part of a $200 million revamping of store and digital operations in Canada, will result in 1,500 job losses.
The Richfield-based consumer electronics retailer said it will sell its 50 percent stake in Best Buy Europe to Carphone Warehouse, its joint venture partner, for about $775 million in cash and stock so that it can concentrate on fixing its core business in the United States.
Despite temperatures that dropped into the single digits Thursday night and overnight snow around the Twin Cities, throngs of shoppers still lined up outside of stores in the earliest start yet to the Black Friday shopping bonanza.
Best Buy Co. this morning reported third-quarter profit sharply above expectations and a gain in revenue, continuing a string of better-than-expected results from major U.S. retailers during the late summer and early fall.