(iStock illustration by Alexis Manrodt)
By the look of things, Best Buy had a great winter. Domestic revenue surged 11 percent in November, December and January to $15.4 billion.
But in announcing the good news, the electronics retailer said it would lay off 5,000 full-time workers and ramp up store closings. In the crosshairs are 450 locations with leases expiring in the next three years.
“There will be higher thresholds on renewing leases as we evaluate the role each store plays,” CEO Corie Barry told analysts on an earnings call.
Best Buy isn’t alone. Across the country, retailers with great earnings are consolidating stores.
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