Best Buy's CEO Reveals Company To Close 250 Small-Format Locations
- 6 years ago
According to a report by Business Insider, Best Buy announced in March that it would close all 250 of its small-format locations by May 31st. Best Buy CEO Hubert Joly told Business Insider in a recent interview, "We had opened them about 12 years ago, at a time when the penetration of smartphones was very low, so this was a great growth opportunity. The margins in smartphones were very good. Fast forward to 2018, smartphone penetration is a very mature industry.