FUTURE SHOP BOUGHT BY BEST BUY
By Adnews Staff
U.S. electronics retailer Best Buy Co., Inc. of Minneapolis, MN is set to acquire Canadian consumer electronics retailer Future Shop, based in Burnaby, BC, for CDN $580 million. "This acquisition accelerates by several years our goal of becoming North America's premier retailer and eventually the leading global retailer of technology and entertainment products and services," said Richard Schulze, chairman and CEO of Best Buy. Future Shop currently operates 88 stores in Canada. When the deal closes in late September, Future Shop will operate as a separate Canadian subsidiary of Best Buy. Hassan Khosrowshahi will step down as chairman and CEO of Future Shop. Khosrowshahi founded Future Shop in 1982. Kevin Layden, president and COO of Future Shop, will continue as president. Best Buy operates retail stores and Web sites under the banners Best Buy, Magnolia Hi-Fi, Media Play, ON Cue, Sam Goody and Suncoast in the United States, Puerto Rico and the U.S. Virgin Islands.