Admin March 18, 2024
Applications for US unemployment benefits rise by 9,000
Initial applications for US unemployment benefits unexpectedly climbed by 9,000 last week to a two-month high of 224,000.
Bloomberg
Consumer electronics store Best Buy will soon close some of its stores and conduct layoffs in response to declining sales.
Best Buy CEO Corie Barry made the announcement during an earnings call Thursday. She told investors that the company needs to strike a balance between its workforce and consumer interest. In doing so, Best Buy expects to close 10 to 15 stores and lay off a portion of its employees.
Best Buy already closed 24 of its stores in the previous fiscal year. Chief Financial Officer Matt Bilunas estimates additional closures in the current fiscal year will drive gross profit rate expansion to 30 basis points − a 10-point jump from the previous year.
Macy’s will close 150 ‘underproductive’ stores by 2026. How many Texas locations are left?
The store closures may already be in progress. One of Best Buy’s Minneapolis locations is closing this week, the Star Tribune reports.
The company did not specify which locations will close or the number of employees that the closures will terminate.
Which Best Buys in Texas have closed?
The Best Buy in Pflugerville, Texas, permanently closed last year after experiencing low sales. The store was located in the Stone Hill Town Center at 19000 Limestone Commercial Drive, Ste. 600, and closed March 4, 2023, according to Community Impact.
At the time, a Best Buy representative said it was unlikely the Austin and Round Rock locations would close.
How many Best Buys are in Texas?
Texas currently has 106 Best Buy stores, according to web scraper service company Smartscrapers − the second-most among U.S. states. Accounting for 10% of stores nationwide, it is only beat out by California, which has 143 locations. Florida comes in third, with 65 stores.
Two Texas cities top the charts for having the most Best Buy stores, as reported by data website ScrapeHero. Houston has a staggering 12, with San Antonio runner-up with 8 stores.
Best Buy has over 1,000 locations across the U.S.
