Best Buy is not satisfied with the closure of its own brand stores, which is bought by the Chinese brand Wuxing Electric.
US Best Buy retired from "China" five-star electric appliance
Five Star Electric has shouldered the responsibility of Best Buy
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Is the money in the hand to the field where the financial indicators are not good, bitterly waiting for the spring to bloom, or immediately break the arm, and invest the money in a place that can bring more benefits?
Best Buy, the global home appliance chain leader, chose the latter – yesterday (February 21) announced at 9 am to close 9 Best Buy stores in China, and held a press conference in Nanjing at 2 pm, saying that it will focus on investing in its wholly-owned investment in China. The company, Wuxing Electric, competes in the Chinese market and wants to open 40 to 50 stores this year.
Best Buy’s “Chinese Story†has been going on for a long time, but maybe it’s just just beginning.
Best Buy withdraws from China?
Two stores will return here this year.
The idea that Best Buy has withdrawn from China has been circulating in the industry for some time. Yesterday (February 21) at 9 am, Weibo began to spread the news that Best Buy Shanghai store closed, "Best Buying China" was once on the third place on Sina Weibo's hot topic list yesterday.
Logging in to Best Buy China's official website, the first thing to jump out is "Best Buy will expand five-star appliances in China" notice.
The company said, "The company will close nine Best Buy stores in mainland China, and it is expected that two stores will reopen at the appropriate time this year. At the same time, Best Buy will also close its retail headquarters in Shanghai and its China headquarters. The business is integrated into its five-star electrical appliance brand." It is worth noting that Best Buy's newly opened stores in China will be operated by five stars.
Yesterday (February 21), Best Buy announced the detailed terms of “Customer Service†after closing the store on its official website in China. The purchase, installation and after-sales of the Best Buy products purchased by the customer will be taken care of, and refunds can be made, including the points in the membership card. Some of Best Buy's existing employees will enter the five-star, and the other will receive compensation and leave.
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