TigerDirect is the latest consumer electronics retailer to announce it will be closing all it’s brick and mortar retail stores but three to concentrate on B2B and online sales. TigerDirect operates 34 retail stores in North America, six of which are in Canada. The three stores remaining open will be Miami, Georgia and Puerto Rico.
Shark Tank celebrity investor Kevin O’Leary was hired this month by TigerDirect to become their Official Brand Ambassador. O’Leary commented, “I’m all about helping businesses increase productivity, and ultimately, cash flow. I’m excited to be working with TigerDirect to do exactly that by providing businesses with the best IT solutions available.”
The majority of TigerDirect’s 2.6 Billion dollars in sales comes from online while a scant $891 million comes from retail. TigerDirect will be laying off approximately 25% of it’s workforce but will continue to operate it’s online stores TigerDirect.com, TigerDirect.ca and TigerDirect.pr.
sources: canadabuster, south florida business journal