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Blaming COVID, Best Buy to exit Mexico in December

U.S. based chain opened in Merida 3 years ago

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Best Buy opens its first electronics and appliance store in Merida in this 2017 file photo

Computer and appliance retailer Best Buy will close all its stores in Mexico beginning Dec. 31 as it anticipates weaker holiday sales amid a spike in COVID-19 cases.

The electronics retailer operated as many as 49 stores in Mexico, its smallest market. But the chain already closed eight stores in the country in 2020, after keeping a close eye on the bottom line.

Best Buy has been a prominent presence in the Uptown Merida shopping complex, where it opened in 2017. The chain has been known for its Geek Squad service, helping consumers with repairs and tricky installation jobs after purchase.

“During the quarter, we made the difficult decision to exit our operations in Mexico,” Best Buy Chief Executive Corie Sue Barry said Tuesday.

“I want to thank the teams in Mexico for their tremendous work over the past several years. They should all be incredibly proud of their accomplishments.”

She did not specify how many jobs would be lost.

“The effects of the pandemic have been deep, and it’s not viable to keep our business in Mexico,” said Fernando Silva, president of the company’s Mexico unit.

Best Buy’s largest market is the United States, where 977 stores operate.

With information from El Financiaro

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