The Biddeford Best Buy is one of 50 locations the national electronics retailer plans to close next month. The company in March said it would close locations following fourth-quarter losses.
The company recently released a list of the affected stores, which includes its location in Biddeford, according to a press release. Best Buy has already closed two stores this year, while the majority of the others will permanently shutter by May 12. The company said it will work to find jobs at other locations for affected employees, or will offer severance packages. Best Buy has stores in Auburn, Augusta, Bangor, South Portland and Topsham. The company lost $1.7 billion in the fourth quarter, leading it to develop a plan to cut $800 million by 2015 and boost online revenue by 15%, according to CNET.
The closures are part of the company's strategy to "increase points of presence, while decreasing overall square footage, for increased flexibility." It plans to expand its small-format store, called Best Buy Mobile, throughout the United States, opening 100 this year.
It's the second retailer in the last year to close in Biddeford. Last October, the Lowe's home improvement store at Biddeford Crossing closed, along with a store in Ellsworth.