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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