February 29, 2016
In a continued effort to cut costs, Richfield, MN-headquartered Best Buy shuttered 30 stores in 2015, including one in Broomfield, CO, two in Massachusetts and another in Fond du Lac, WI. According to a 4Q2015 earnings conference call, the electronics company will close more stores this year.
According to Best Buy CFO Sharon McCollam, more than 100 store leases will expire this year, with each evaluated for renewal. The goal is to cut $250 million in costs over the next two years. Best Buy has cut more than $1.1 billion in expenses over the past four years, under CEO Hubert Joly’s “Renew Blue” initiative.
The company currently operates 1,416 stores in the United States, down from a peak of 1,512 in early 2013.