Best Buy to shut UK operations, 1,100 jobs in jeopardy

Best Buy Europe , the three way partnership between Best Buy Inc. and Carphone Warehouse , have been shuttered after just 18 months in business. In that short period of time, it lost £80 million ($127 million), largely because of consumer belt-tightening and increased competition from cheaper online retailers. As much as 1,100 jobs can be lost on the eleven UK stores currently open in Thurrock, Bristol and Wolverhampton, among other locations, bringing to an end the company’s ambitious plan to open 200 stores across Europe. Even as, the U.S. giant declared it will buy out its European partner’s stake within the Best Buy Mobile chain because it continues to drag out of unprofitable foreign operations.

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