Best Buy cuts prices as closing down sale begins

Best Buy has announced a closing down sale at all of its UK retail stores, after formally announcing their closure in an open letter today.

Rumours of the planned closure surfaced earlier this month, with suggestions that the 11 outlets would be axed with the loss of up to 1,100 jobs.

The US-based electronics chain opened the stores last year in partnership with mobile phone seller Carphone Warehouse, but with first-year losses running to £83 million, the decision - initially promised "in the next few days" after a Facebook statement from the company on 7th November -hardly comes as a surprise.

In the open letter to customers, Best Buy UK's managing director Steve Jensen expressed regret at the decision.

"We've loved bringing our passion for the latest and greatest technology to Britain over the past two years, and have always had the utmost appreciation, respect, and commitment to the entire UK marketplace, our customers and stakeholders," Jensen explained.

"However, as you may know, based upon the outcome of our employee consultation, we intend to cease retail trading at our Best Buy UK branded stores & website by the 15th January 2012. We are sincerely sorry for any inconvenience that this may cause you."

Hefty discounts are expected at all stores in the run-up to the 15th January closure.