A big name in electronics has announced it expects to close 10 to 15 stores and cut its workforce soon.

Poughkeepsie Best Buy Store
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Almost every month for the last year or so we've heard company after company announce that they are closing stores and laying off workers. Macy's recently announced its plans and now it appears that Best Buy with 50+ stores in New York will be the next big-name chain retailer to close stores.

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Best Buy Closing Select Stores

Best Buy has confirmed that it is planning to close more stores and cut its workforce in the fiscal year 2025 according to Quartz. Best Buy CEO Corie Barry explained the plan during a recent earnings call telling investors that the company is weighing various factors to "try and find a balance between its staff and where consumers want to shop."

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Best Buy’s Chief Financial Officer, Matt Bilunas, said that the Minnesota-based retailer is planning to close 10 to 15 of the 1,050 stores currently open in 2025. Best Buy closed 24 of its locations during the previous fiscal year.

Best Buy Poughkeepsie, New York
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Will Best Buy Close Any New York Locations?

Best Buy currently has around 50 stores open in New York with stores in New York City, Long Island, Upstate NY, and two stores in the Hudson Valley including Best Buy Middletown at 1100 N Galleria Drive in Middletown, and Best Buy Poughkeepsie at 2001 South Rd (Poughkeepsie Galleria) Poughkeepsie, NY.

Best Buy hasn't revealed which stores will be closing in 2025 but with New York having so many locations one would think we might be losing a store or two. We have reached out to both Hudson Valley Best Buy stores and both confirmed that there are currently NO plans for either store to close.

SEE ALSO: Popular Poughkeepsie Diner Has Closed for Good

California, Texas, and Florida are the only states with more locations than New York.

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Gallery Credit: Paty Quyn