Best Buy Closing One Alexandria Store

Via The Washington Business Journal:

Electronics retailer Best Buy, which said in March it would close 50 stores as it shifts focus to battle waning sales, has released a list of stores that will close, including one in Alexandria.

The Alexandria store, at 5901 Stevenson Ave., is the only Washington-area store that will close. One store in Fredericksburg is also on the list, as is one location in Baltimore and one in Hunt Valley.

Best Buy has already closed two stores, in Kansas City and Scottsdale, Ariz., and notified five others in Minneapolis and San Antonio that they will be closing. This weekend’s list included an additional 42 stores.

“This was not an easy decision to make,” Best Buy said in a statement. “We chose these stores carefully and are working to ensure the impact to our employees will be as minimal as possible.”

The Richfield, Minn.-based company says it will work to find affected employees jobs at other Best Buy locations, and will offer severance packages for others. Most stores will permanently close May 12.

Best Buy is shifting more focus to smaller stores and online sales after posting a $1.7 billion loss last quarter. In addition to employees affected by store closings, the chain is also cutting 400 jobs at its corporate and support levels.

Best Buy (NYSE: BBY) has about two dozen stores in the Washington area.