Best Buy Closing All 131 Future Shop Stores in Canada, Will Re-Open Under Best Buy Banner

Best Buy is shuttering every Future Shop in Canada.

The US electronics retail giant is closing 131 Future Shop stores, including more than 60 immediately. The company says they will all be re-opened within a couple weeks of closing as Best Buy stores.

The sudden announcement has caught both customers and employees off-guard. The consolidation means roughly 500 full-time and around 1,000 part-time positions will be eliminated.

The financially struggling Best Buy plans to invest $200 million into its Canadian stores and will launch major home appliances in all Best Buy stores.

Best Buy acquired Future Shop in 2001 for just under $600 million.