Only three weeks ago, Best Buy was said to be considering closing its UK stores. Now the Sunday Times has reported that parent firm Carphone Warehouse is likely announce the closure very soon - perhaps as early as Tuesday.
A spokesman from Carphone Warhouse commented: "We always said we would open 11 stores and then conduct a strategy review. We are now conducting our evaluation with our partners and will provide an update in due course."
The newspaper suggested that the Best Buy brand could still live on, as mini Best Buys within some revamped Carphone Warehouses.
Best Buy launched in the UK in April 2010 with a hugely successful opening at its Thurrock premises, but by November 2010, as it opened its sixth store, it was already reporting losses of £29 million.
However, even as the firm accepted that further losses were likely to be incurred, it continued its UK roll-out. Renee Wright, Best Buy's head of computing, noted that it was a tough retail environment, but hoped at the time to overcome those pressures. “It’s challenging out there but we’ve really enjoyed the challenge of launching at this time, because if you’re winning in this space, you’re really winning,” she said. “We’re still out there to win the customer. We’re here to revolutionise the market for customers and make sure they’re coming to Best Buy instead of someone else.”
Unfortunately, it seems the market will have to be revolutionised by somebody else now. Any volunteers?