The Future Shop in Ancaster has closed after B.C.-based electronics retailer Best Buy Canada announced it has shut down 15 of its outlets across Canada.
As part of a restructuring plan, Best Buy announced the plan to "optimize the company’s retail footprint" in a statement Thursday.
Media reports suggest as many as 900 jobs could be affected.
Best Buy wouldn't confirm that number Thursday, but told CBC News that employees affected by the closures will receive severance support, as well as access to employee assistance programs and career transition support.
A company spokesperson said all gift cards and repair contracts from closed stores will be honoured at other locations.
Best Buy said the store closures are part of an ongoing restructuring plan that will see the chain re-open a number of small-concept web stores and mobile kiosks over the next three years.
Changing retail landscape
Best Buy said the plan will allow it "to better serve its customers in both more locations and smaller markets across the country" while eliminating costs and consolidating real estate.
The chain has been hit hard by tough competition from discounters and online retailers and has become a victim of what's known as "showrooming" — when people browse in stores and then buy the products more cheaply online from competitors such as Amazon.
Employees arrived for their shift at the Sherbrooke, Que., location this morning and were met by security guards and closed doors. They said they did not receive advance notice of the closure.
Best Buy had announced last March, that it was closing 50 stores in the U.S. The company posted mediocre holiday sales.
Best Buy Canada Ltd. operates 139 Future Shop stores and 58 Best Buy Canada stores across the country.
The company says the following locations are affected:
- Queensborough, B.C.
- Nanaimo, B.C.
- Victoria, B.C.
- Langford, B.C (Westshore Town Centre)
- South Surrey, B.C.
- Lachenaie, Que.
- Sherbrooke, Que. (SmartCentres Sherbrooke).
The Future Shop locations set to close are:
- West Kelowna, B.C.
- Montreal (Forum Entertainment Center)
- Laval, Que. (First Pro Ste-Dorothee)
- Regent, Man.
- Macleod, Alta.
- Ancaster, Ont.
- Barrie South, Ont.
- Erin Mills, Ont.