66 Future Shop stores closing across Canada

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Every Future Shop across Canada closed its doors permanently on Saturday morning.

About half of them will re-open as Best Buy locations as the parent company consolidates its real estate assets.

The company says it was time to consolidate.

It bought Future Shop in 2001 and in some cases it has both brands so close to each other they share a parking lot.

The closures means the loss of 1,500 retail jobs.

Marvin Ryder from the DeGroote School of Business says employees were called into a meeting at 7 a.m.

Ryder said, “Although it was bad news it was delivered uniformly across the OPS in one fell swoop. That is the most humane way to do this.”

When Best Buy acquired Future Shop back in 2001, there were enough sales to support both brands.

Ryder says sales of electronics have fallen since everyone finished upgrading their Cathode Ray tube televisions.

Now 66 Future Shops will close across the country and 65 others will be converted to Best Buy.

Best Buy will take back returns, accept gift cards, and honor service appointment and warranties that were purchased at Future Shop.

Ryder expects at least half the stores will be picked up by another retailer by Christmas.