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Business

Best Buy Stores in Goleta, Santa Maria Won’t Be Shut Down

Local electronics retailers are not on the list of stores to be closed as part of $800 million cost-reduction plan

Best Buy stores in Goleta and Santa Maria will not be affected by the struggling electronics chain’s plans to close 50 stores around the country as it seeks to cut costs and shore up its balance sheet.

Neither the Goleta store, at 7090 Marketplace Drive in Camino Real Marketplace, nor the Santa Maria store, at 2226 S. Bradley Road, is on the list of closures.

Seven Best Buy stores in California — in East Palo Alto, Manteca, Moreno Valley, Ontario, Pittsburg, Tustin and Westwood — will be closed, most by May 12, the company said in a news release.

In addition to dodging the Best Buy bullet, Camino Real Marketplace — which last year lost some key major tenants, including a Borders bookstore — has announced three new tenants: BevMo!, Pier 1 Imports and ULTA Cosmetics.

At the end of March, Best Buy (BBY on the New York Stock Exchange) reported a $1.7 billion loss for the fourth quarter of its 2011 fiscal year, and a loss for the year of more than $1.2 billion. The company has outlined more than $800 million in cost reductions over the next three years, including the store closures.

Best Buy’s stock closed Friday at $22.04, close to its 52-week low.

Click here for Best Buy’s statement on its store closures.

Noozhawk executive editor Tom Bolton can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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