Why Best Buy Is Leaving Mexico

Those living in Mexico will have to start finding another store besides Best Buy to purchase their technological items and accessories.

Best Buy has announced that it’ll be leaving the country of Mexico after doing business there for 13 years.

The company says that it wants to improve both strategic focus and its organizational structure, according to the Yucatan Times.

The 41 branches in Mexico will be closing starting Dec. 31. The effects of the COVID-19 pandemic have caused these closures.

This is just one part of Best Buy’s $111 million restructuring plan for its third-quarter.

The president of Best Buy Mexico, Fernando Silver stated, “We should feel very proud of what we have achieved at Best Buy Mexico: we built an extraordinary team and established a distinctive culture.

“We transformed the way Mexicans interact and are inspired by technology, bringing it to millions of families to improve their lives. We built the #1 brand in technology, with iconic differentiators, and the customer has honored us with a growing market share.”

As for the employees of the 41 closing locations, workshops will be offered to them to help with using job search platforms effectively, creating resumes and creating simulations of job interviews, the Yucatan Times stated.

Life insurance will also be covered by Best Buy until 2021. Those with Major Medical insurance will have it until 2021 as well.

For customers who have ordered items online or inside any of the stores, the company ensures those orders will be fulfilled and delivered.

As Mexican Best Buys prepare to shut down, American locations are lowering prices. Black Friday is very different in 2020, leading to week-long sales for the electronics retailer and other major stores.