The nearest Best Buy stores to Seal Beach and Los Alamitos escaped the list of store closures announced by the electronics chain this week.
Of the seven California stores slated for closure, one was in Orange County. The Tustin store on Park Avenue will close down the company announced. However, the Belmont Shore and Westminster stores (the two closest) will not be affected by the company’s spate of nationwide closures.
Since last month, Best Buy has announced 50 store closures. Most of these stores will permanently close by May 12. Three additional locations are expected to permanently close later this summer, but the company has not yet announced those locations.
CEO Brian Dunn said in a press release that as the consumer electronics industry evolves, the company is taking “major actions” to improve its operating performance.
The company hopes its new multi-channel strategy will strengthen its portfolio of store formats. The strategy includes “closing some big box stores, modifying others to our enhanced Connected Store format, and adding Best Buy Mobile stand-alone locations,” Dunn said, noting that the company’s goal is to improve the shopping environment, increase its points of presence and improve performance, in addition to increasing profits.
He added that the coming changes will lower the company’s overall cost structure, allowing it to invest some of the savings into improving customer experiences and more competitive prices.
If all goes as planned, the company will save its first $300 million with the closing 50 stores next year as part of its $800 million, multi-year cost reduction program.
The company issued a written statement on its website about the closures.
“This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.”
Angela Atkinson contributed to this report.