Best Buy Co Inc's Canadian division will close 15 of its big-box stores across the country and lay off 5 percent of its workforce in a drive to cut costs, the consumer electronics retailer said on Thursday.The U.S.-based company, which has been facing pressure from online retailers such as Amazon.com Inc, will close eight of its Future Shop stores and seven Best Buy branded stores out of a total of about 260 total stores across Canada.About 5 percent of its Canadian workforce will be laid off, a company spokeswoman said in an email. The National Post newspaper pegged the total number of layoffs at 900."The move was based on an extensive review of Best Buy's retail footprint in Canada in an effort to reduce unnecessary costs, eliminate redundant operating systems and to optimize its real estate strategy to reflect a changing retail landscape," Best Buy said in a statement.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail Websites and focuses on selection, price, and convenience. Shares of AMZN fell by 2.66% or $-7.264/share to $265.50. In the past year, the shares have traded as low as $175.14 and as high as $284.72. On average, 3392530 shares of AMZN exchange hands on a given day and today's volume is recorded at 6750001.
Best Buy Co., Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services. Shares of BBY traded higher by 2.26% or $0.36/share to $16.26. In the past year, the shares have traded as low as $11.20 and as high as $27.95. On average, 10496100 shares of BBY exchange hands on a given day and today's volume is recorded at 6407664.
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