Future Shop has announced the closure of 66 of its Canadian stores, including both in London.
The company announced Saturday morning that it is consolidating its Future Shop and Best Buy stores under the Best Buy brand. The result of the plan is the permanent closure of 66 stores and the temporary closure of 65 others, which will become Best Buy stores.
The move means the loss of 500 full-time jobs and 1,000 part-time positions.
"Any decisions that impact our people are never taken lightly; our first priority is to support them through this change," says Ron Wilson, President and COO of Best Buy Canada. "I want to express my appreciation to the employees who are leaving, for their contributions to Best Buy Canada."
In many communities, including London, Future Shop stores and Best Buy stores are located quite close to each other.
"Currently, 80 per cent of our customers are within a 15 minute drive to a store and this won't change," says Wilson. "We will continue to have a strong store presence in all major markets in Canada."
In the wake of the consolidation, the company will have have a total of 192 locations across Canada.
Best Buy says it will invest $200-million in its stores and website. Customers who have Future Shop gift cards will have those cards honoured at Best Buy locations.