Best Buy closes 24 stores this year, another 10-15 by next year, company says

LOS ANGELES (KABC) -- Faced with continuing challenges in the retail industry, Best Buy is closing several dozen stores this year and next.

The company announced in a recent earnings call that it is shutting down 24 stores in the current fiscal year and it intends to close another 10-15 in the 2025 fiscal year.

The company, which operates more than 1,000 stores in the U.S., did not announce the locations for the planned closures.

The news came out of a recent quarterly earnings call.

"As our ongoing practice, we will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal," company chief financial officer Matt Bilunas said, according to a posted transcript. "In fiscal '24, we closed 24 stores. And in fiscal '25, we expect to close 10 to 15 stores."

Best Buy says the closures will help it improve the customer experience.

The retailer will close larger stores, and set up smaller stores with vibrant layouts in markets where it has no physical presence.