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Best Buy has disclosed the locations of the 50 stores it will be closing. The world’s largest specialty electronics chain will close seven locations in California, six in Illinois, six in Minnesota and even one way uptown New York City. In a statement, Best Buy said, “This wasn’t an easy decision to make … we chose the stores carefully, and are working to ensure the impact to our employees will be as minimal as possible.” Best Buy said most of the stores will close by May 12, with three locations closing later this summer. There is no word on how many employees will be laid off, but Best Buys says that the workers will be notified Saturday and will be offered severance packages. Is this the beginning of the end for Best Buy? Some say it can’t possibly survive with people shopping in the stores and purchasing online. But others believe that this cost cutting move will make Best Buy stronger. Visit shellypalmer.com for more information.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.