Best Buy UK to shut down operations and liquidate assets after making £75m 2-year loss - Polidicks

[quote=Best Buy Investor Relations]Additionally, subject to employee consultation, Best Buy Europe intends to close the Best Buy UK business and instead to focus further on the development of the CPW Europe Connected World multi-channel strategy. It is anticipated that Best Buy UK will incur further operating losses of approximately £25m-£30m in the period up to closure and that cash costs of closure will be in the range of £65m-£75m post-tax. These costs comprise lease exit costs, employee redeployment or redundancy, stock disposal and contract termination costs. We also expect non-cash asset write-downs of approximately £40m-£45m as a result of closure. ... Best Buy UK recorded losses of £46.7m, up from £28.8m in the same period last year. The business continued to invest heavily to attract footfall and brand awareness, resulting in significant losses. The growth in the store portfolio year-on-year therefore had a negative effect on earnings. As announced today, subject to employee consultation, Best Buy Europe intends to close the Best Buy UK business, with future investment being focused on accelerating the development of the CPW Europe Connected World multi-channel strategy.[/quote] [url=http://www.cpwplc.com/phoenix.zhtml?c=123964&p=irol-newsArticle&ID=1626733&highlight=]Source #1[/url] [quote=Da Beeb]Carphone Warehouse is to close all of its 11 Best Buy stores across the UK, the company has announced. The move puts 1,100 jobs at risk at the outlets, which sell electronic goods, but the firm said it hoped to find the "large majority" alternative work. The 11 Best Buy stores are part of Best Buy Europe, a joint venture between US group Best Buy and Carphone Warehouse. The first Best Buy store in the UK only opened in April of last year. The outlets have failed to make a profit. Best Buy's 11 UK outlets are in Liverpool, Derby, Bristol, Nottingham, Rotherham, Dudley, Thurrock, Southampton, and three places in London - Croydon, Hayes and Enfield. Carphone Warehouse and Best Buy initially planned to open 200 Best Buy stores across the UK and continental Europe. Best Buy Europe was formed in 2008 when Best Buy paid £1.1bn to buy a 50% stake in Carphone Warehouse's retail division. Carphone Warehouse said the focus would now be on selling more electronics goods from Best Buy Europe's 805 Carphone Warehouse stores in the UK, and 1,648 Phone House shops in continental Europe. Best Buy Europe said in a statement: "Since 2008, the consumer electronics marketplace has changed substantially as a result of the economic times, the progress of online retailing and the growth of new products such as smartphones, tablets and apps." It comes as Best Buy plans to buy its British partner out of a seperate and fast-growing US mobile phone joint venture for £865m. The Best Buy Mobile venture has been benefiting from soaring demand for smartphones, such as Apple's iPhone.[/quote] [url=http://www.bbc.co.uk/news/business-15616445]Source #2[/url] Such a shame. My local Best Buy in Hedge End, Southampton was kicking rad - sure, there was an air of "buy this", but the staff were always helpful and non-pushy and they mislabeled stuff (including a Logitech G940 I picked up for £35). To be honest, in my opinion DSG Retail (Dixons Group, aka PC World, Currys) pushed them out of the market by amalgamating their stores into megastores (quite often you'd have a Currys and a PC World next to each other so they just knocked the wall down) wherever there was a Best Buy opening nearby (you can [url=http://g.co/maps/q9fgd]walk from PC World Hedge End to Best Buy Hedge End within 5 minutes[/url], heck you can nearly see them from each other) and running a far more aggressive sales tactic (I still groan whenever I go into a PC World). Oh well, guess they have their retail monopoly back.

I didn't even know best buy existed in this country. This is probably why they have failed. [editline]7th November 2011[/editline] and DSG are just fucking awful.

Best buy is in the uk, wat

Although I've never been a fan of Best Buy, I'm not particularly excited by further monopolizing of the video game retail sector.

There are/were Best Buys in the UK?

I also did not know of Best Buy in my country.

Best Buy was extended into Europe? Never knew that, so I guess with this many of us not knowing about it explains it.

Uh, I've never seen nor heard of a best buy in England, perhaps they should've invested a bit more in advertising?

Be glad they are gone. Everything there is overpriced. (~$40 for adapters/cables/ect)

There was a bestbuy in Cribbs Causeway in Bristol; it was okay.

didn't know they were here either. oh well. sorry for the guys that lost their jobs.

There was one that opened near me, I remember them advertising all the jobs. They opened it in a retail park next to Currys and PC World so it wouldn't have done too well

Fuck yes, 2 best buys 20 minutes away, might get some good deals.

Just like a lot of people in this thread, I didn't even know the UK had Best buy...

There's a Best Buy in the Uk? When?

The comments in this thread show why it failed so badly.

I knew it was in the UK. But there are a ton of other sites with the same thing with much better prices.

Good ridence, I like my Tesco,Sainsbury,Asda, Co-op.

[QUOTE=The mouse;33167342]Good ridence, I like my Tesco,Sainsbury,Asda, Co-op.[/QUOTE] best buy isn't a supermarket you know?

To the people who didn't even know about them: I think most of their 11 stores were in the South. Doesn't surprise me though, their prices were quite overpriced IMO, and its almost impossible to compete with DSG it seems.

Best buy near me gonna go get some kickin rad deals

[QUOTE=Bytecry;33167362]best buy isn't a supermarket you know?[/QUOTE] it's a way of life

[QUOTE=Braaaaains;33167118]There's a Best Buy in the Uk? When?[/QUOTE]Before they shut down

Hang on, we had Best Buy in the UK? bah, late as shit

I knew there were Best Buys in other countries, such as China, but for some reason I didn't think there were any in England. Sorry to hear you are losing out to this OP.

I WON'T MISS YOU BECAUSE I NEVER KNEW YOU WERE THERE

Heh, small world. I always used to go to my local Best Buy in Hedge End too.

[QUOTE=leach139;33165450][url=http://www.cpwplc.com/phoenix.zhtml?c=123964&p=irol-newsArticle&ID=1626733&highlight=]Source #1[/url] [url=http://www.bbc.co.uk/news/business-15616445]Source #2[/url] Such a shame. My local Best Buy in Hedge End, Southampton was kicking rad - sure, there was an air of "buy this", but the staff were always helpful and non-pushy and they mislabeled stuff (including a Logitech G940 I picked up for £35). To be honest, in my opinion DSG Retail (Dixons Group, aka PC World, Currys) pushed them out of the market by amalgamating their stores into megastores (quite often you'd have a Currys and a PC World next to each other so they just knocked the wall down) wherever there was a Best Buy opening nearby (you can [url=http://g.co/maps/q9fgd]walk from PC World Hedge End to Best Buy Hedge End within 5 minutes[/url], heck you can nearly see them from each other) and running a far more aggressive sales tactic (I still groan whenever I go into a PC World). Oh well, guess they have their retail monopoly back.[/QUOTE] :O I live in southampton too! the place where it was is a crap location, that store was bound to make no money.

Best Buy is in the UK?

uk is in the best buy ?