Future Shop no longer operates stores in Canada, as the company was consolidated with American electronics retailer Best Buy in 2015. Best Buy closed all 131 Future Shop locations in Canada and then reopened 65 of them under the Best Buy name.Continue Reading
After rebranding the 65 stores, Best Buy operates 192 stores across Canada, including 136 large stores and 56 smaller Best Buy Mobile locations. Due to the consolidation of Future Shop and Best Buy, the company had to cut approximately 500 full-time positions and 1,000 part-time positions.
The Best Buy stores in Canada sell a wide variety of electronics, such as televisions, appliances, video games, computers and wearable technology.
Future Shop was founded in 1982 by Iranian entrepreneur Hassan Khosrowshahi. The company opened its first three stores in 1983, all of which were located in British Columbia. Within eight years, the company had grown to be the largest electronics retailer in Canada.
The company briefly operated stores in the United States until it closed its U.S. operations in 1998 due to poor sales and losses. In 2001, Future Shop was sold to Best Buy for $580 million. The company continued to operate its various Future Shop outlets until it officially closed on April 28, 2015.Learn more about Corporations