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Best Buy Co. (NYSE: BBY) is exiting retail operations in Mexico, partly due to the effects of the COVID-19 pandemic on its business, company officials said.
Best Buy did not make an official announcement about the closure but referenced its Mexico exit in a third-quarter earnings press release issued Nov. 25.
The company said it took a restructuring charge of $111 million in the quarter ended Oct. 31, "primarily related to charges associated with the decision this quarter to exit operations in Mexico and actions to better align its organizational structure with its strategic focus."
The Richfield, Minnesota-based electronics retailer will close all remaining 41 stores in Mexico by Dec. 31.
"Despite this extraordinary work (of our collaborators), the effects of the pandemic have been severe, and it is not viable for us to maintain our business in Mexico," Fernando Silva, president of Best Buy Mexico, said in an interview with The Yucatan Times.
After exiting Mexico, Best Buy's remaining international operations will be in Canada. The company was founded in 1966 and has 1,036 stores across the United States and 172 stores in Canada.
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