Best Buy Signals More Closings a Possibility

RICHFIELD (WJON News) - After closing 20 stores in the past year, including three in Minnesota, electronics retailer Best Buy has announced they’re not finished with the closings yet.

Last summer, the closing of Best Buy stores in Shakopee and Blaine was announced, but the store in Blaine was reopened as an outlet store. Earlier this year, Best Buy announced the closing of the store in Apple Valley.

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At an investor call last Thursday, officials announced they paid out over $169 million in restructuring expenses in the last fiscal quarter, most of the money going to employee layoffs. Officials announced an expected $135 million in employee termination expenses in fiscal year 2025, which starts March 1st.

Best Buy posted a $460 million profit in the fourth quarter, down slightly from the $490 million profit posted a year ago.

No other details, including potential store closing locations, were presented at the meeting.