1:54 pm April 14, 2012, by Christopher Seward
Two Best Buy stores in metro Atlanta will close as the electronics retailer restructures in the face of falling sales and increased competition from online competitors.
Best Buy said Saturday a Fayetteville store at 128 Pavilion Parkway and a Loganville location at 4014 Atlanta Highway will be among 50 stores closing over the next year.
The two metro Atlanta stores were closed Saturday but will reopen Sunday for final sales, the company said. The stores will close permanently by May 12.
Best Buy would not disclose how many employees will be affected but it said the company is helping the workers find other positions within the chain. Those who do not remain with the retailer will be offered severance packages.
Best Buy, the nation’s largest consumer electronics retailer, has 30 locations in metro Atlanta – 22 big box stores and eight standalone Best Buy Mobile stores.
Best Buy is struggling as sales of TVs, digital cameras and video game consoles have weakened while sales of lower-margin smartphones, tablet computers and e-readers are on the rise. The retailer, which saw the demise of its former chief rival Circuit City, also suffers from the practice of shoppers’ visiting its stores to test products and then going online to find better deals on Amazon.com and other sites.
Best Buy lost $1.23 billion in its most recent fiscal year, compared with a profit of $1.28 billion in the prior fiscal year.
Earlier this week, Chief Executive Officer Brian Dunn resigned after the retailer launched an investigation into his “personal conduct.”
The Associated Press contributed to this report
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