Latest in Best buy

Image credit:

Best Buy to close UK operations, 1,100 jobs in jeopardy

69 Shares
Share
Tweet
Share
Save

Sponsored Links

Best Buy Europe, the joint venture between Best Buy Inc. and Carphone Warehouse, has been shuttered after just 18 months in business. In that short amount of time, it lost £80 million ($127 million), largely due to consumer belt-tightening and increased competition from cheaper online retailers. Up to 1,100 jobs will be lost at the eleven UK stores currently open in Thurrock, Bristol and Wolverhampton, among other locations, bringing to an end the company's ambitious plan to open 200 stores across Europe. At the same time, the US giant declared it would buy out its European partner's stake in the Best Buy Mobile chain as it continues to pull out of unprofitable foreign operations.

Update: We've got some more on what this deal means. Buying out Carphone Warehouse is gonna cost $1.3 billion plus $8 million annually for five years. The two aren't splitting up for good, since they're also starting another joint venture called Global Connect (good luck with that one, fellas). Separately, the company announced it was grabbing mindShift technology, a cloud service provider for small and medium-sized enterprises for a cool $167 million.

[Thanks to everyone who sent this in]

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Share
69 Shares
Share
Tweet
Share
Save

Popular on Engadget

The best consoles, games and accessories for students

The best consoles, games and accessories for students

View
Trump tries to overturn ruling stopping him from blocking Twitter users

Trump tries to overturn ruling stopping him from blocking Twitter users

View
Divorce dispute leads to accusation of crime in space

Divorce dispute leads to accusation of crime in space

View
OnePlus 7T might pack a wide-angle camera

OnePlus 7T might pack a wide-angle camera

View
Scientists bioprint living tissue in a matter of seconds

Scientists bioprint living tissue in a matter of seconds

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr