Print 11 comment(s) - last by bryanW1995.. on Nov 29 at 11:55 AM

It has already started marking down its products from 10 to 50 percent off

Earlier this month, it was discovered that Best Buy was closing its doors in the United Kingdom. Now the American consumer electronics retailer has placed a closing date on the UK stores/website's death certificate: January 15, 2012.

Best Buy will close its UK stores and website due to financial loss. The losses before tax and interest in the six months ending September 30 were at £46.7 million. During the same period of time in 2010, the losses amounted to £28.8 million.

Best Buy recently released a letter to customers, vendors and suppliers announcing the news. The letter is as follows:

To our valued Best Buy customers, vendors, suppliers, and friends,

We've loved bringing our passion for the latest and greatest technology to Britain over the past 2 years, and have always had the utmost appreciation, respect, and commitment to the entire UK marketplace, our customers and stakeholders.

However, as you may know, based upon the outcome of our employee consultation, we intend to cease retail trading at our Best Buy UK branded stores & website by the 15th January 2012.

We are sincerely sorry for any inconvenience that this may cause you.

We are still committed to making sure your needs are well served up until our closing and beyond. Our on-going services are described in the "Customer Notice" and in our stores.

We're also committed to on-going global relationships with our many vendors and suppliers, and appreciate your patience as we work to contact each as soon as possible to discuss our plans for the future.

Should you need to talk to us before then, please do not hesitate to call us on  0800 380 00 00. As a vendor or supplier, you are welcome to get in touch with your Best Buy relationship contact at any time.

We look forward to completing all of our remaining business together in the most respectful and professional manner possible.

Many thanks from everyone at Best Buy UK.
Steve Jensen
Managing Director
Best Buy UK

Best Buy UK is closing its doors only two years after launch. It has already started marking down its products from 10 to 50 percent off, according to the website.

Sources: Best Buy UK, Pocket-Lint

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50% Off?
By arthur449 on 11/28/2011 1:25:20 PM , Rating: 5
Even at 50% off, $35 is too much for a 6' USB 2.0 cable.

RE: 50% Off?
By RjBass on 11/28/2011 3:17:41 PM , Rating: 2
Agreed. I have always said, when you walk into a Best Buy, those guys or girls sitting at the booth by the front doors that greet you should be wearing ski masks and carry shotguns because Best Buy will rob you.

RE: 50% Off?
By kake on 11/28/2011 3:41:48 PM , Rating: 2
My brother is one of those people by the front door (loss prevention), and he has an almost identical sentiment as you.

RE: 50% Off?
By Kefner on 11/28/2011 4:25:36 PM , Rating: 2
Only if you let them. Be smart, compare prices, and only buy what you want, don't let them sell you on anything. Follow that, and you'll be fine shopping just about anywhere.

RE: 50% Off?
By vazili on 11/28/2011 9:26:56 PM , Rating: 2
Don't blame the associates. It's really not our choice. And before you say "just quit" I'd love to, but have you seen the economy lately?

RE: 50% Off?
By Alexvrb on 11/29/2011 12:00:57 AM , Rating: 2
I don't think he was blaming the associates. If the ground-floor employees had masks and clubs and beat you senseless and stole your wallet, it would most certainly be under corporate directives. Also I would bet the vast majority would apologize before and after the robbery.

In other words, he was clearly blaming Best Buy and not the workers. They're just doing their job.

Business Model
By Paj on 11/29/2011 7:39:11 AM , Rating: 3
Their business model just doesnt work in the UK. Everyone think theyre taking the piss. And the radio ads they used to run with the guy speaking in the cheesy American accent pissed off everyone.

Poor market research basically.

RE: Business Model
By jabber on 11/29/2011 8:20:47 AM , Rating: 2
Yeah we dont get 'rebates' or have the push to drive prices lower like in the US.

I checked the BestBuy UK website today and they had a poor selection and the discount code only brought the price down to near Ebuyer/Overclockers levels.

Waste of time. No tears for BestBuy.

Sooner or later...
By Beenthere on 11/28/2011 1:51:38 PM , Rating: 3
... Bad Buy will fold it's tent in the U.S. if state AGs keep prosecuting them for fraud.

best buy
By kleinma on 11/28/2011 1:45:44 PM , Rating: 2
If best buy wasn't the worst buy, they might actually have some success.

Best Buy isn't that bad
By bryanW1995 on 11/29/2011 11:55:10 AM , Rating: 2
It's funny, I have a generally unfavorable opinion of best buy's deals, but I've also found some good ones over the years. I've bought several cameras, a tv, and the other day I got a 3tb external usb 3.0 hd there for $99.99 on a BF deal.

"There's no chance that the iPhone is going to get any significant market share. No chance." -- Microsoft CEO Steve Ballmer
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