Hip Hip Hooray for Severance Pay!
According to a report in the Oriental Morning Post, Best Buy will close its own-branded shops in China, effective February 22nd.
As reported here earlier this month, the US retail electronics giant has been struggling to compete in the Chinese market.
Today staff members were apparently told when they came to work that the stores would be closed and that today would be their last day of work.
While the Best Buy stores will be closed down, the company apparently intends to continue operating in China through its Five Star Appliance branded stores, which it acquired when it bought a 75% stake in local retailer Jiangsu Five Star Appliance for US$160 million in 2006.
For us non-Chinese readers, the text of the Oriental Morning Post article can be read in English here.
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