Future Shop closed all it’s stores in Canada today much to the shock of dismay of employees and customers. There was no advance notice given, employees were greeted with a sign behind locked doors that read “This Store is Permanently Closed. We Thank You for your support and look forward to service you at a nearby Best Buy Store.
Best Buys is the parent company of Future Shop. The company employs approximately 2000 worker across Canada, many who are now unemployed. Best Buy plans to re-brand and reopen some of the Future Shop locations as “Best Buy’s” but the majority of Future Shop stores will remain permanently shut down.
Customers who have prepaid purchases and service booked with Future Shop will now be serviced by Best Buy.
The closure of FutureShop is just the latest shoe to drop in the fragile consumer electronics industry.
Earlier this month we reported tech giant Tiger Direct is closing all it’s retail outlets, Sharp Electronics is pulling out of Canada and maybe even North America as it struggles to restructure and Target will close all 80 of it’s stores by Easter Weekend.
Now with Future Shop closing the next question will be what’s going to happen to some of their Exclusive Brands like Vizio, Martin Logan, Marantz and others. Some of these brands are available at Best Buy right now, and the others may also become available now that Future Shop is no more. The real question is “Are brands like Vizio now going to allow other Canadian retails to sell their brand … I think the answer is going to be yes”.