Best Buy going out of business is a concern many shoppers have after hearing about store closures across different locations. Reports show that some long-standing stores have shut down due to changing market conditions. This has led many people to believe the company may be struggling. However, store closures do not always mean a company is shutting down completely. In this article, we explain the real situation behind Best Buy and what it means for customers and Dollar General.
Best Buy Going Out Of Business Timeline (1966–2026)
Best Buy is the world’s largest specialty consumer electronics retailer. In 2026, the company is successfully navigating a “Post-Digital” era by transforming its physical stores into experiential showrooms for AI-powered technology and expanding its high-margin retail media and health services.
Key Strategic Milestones
- 2026 (Modern Retail): The company expands with new “Experience Centers” and small-format stores tailored for modern tech consumers.
- 1966 (The Start): Richard Schulze opens “Sound of Music,” a small high-fidelity stereo shop in Minnesota.
- 1983 (Rebrand): The company officially changes its name to Best Buy and opens its first large-format superstore.
- 1989 (Concept II): Best Buy introduces a non-commissioned sales model, revolutionizing the electronics shopping experience.
- 2002 (Geek Squad): The acquisition of Geek Squad establishes Best Buy as a leader in technical support and home installation.
- 2012 (Renew Blue): CEO Hubert Joly launches a successful turnaround strategy to compete with online retailers like Amazon.
- 2019 (New Leadership): Corie Barry becomes the first female CEO, shifting focus toward healthcare and tech-enabled services.
- 2024–2025 (AI Integration): Best Buy becomes the premier retail destination for the global launch of AI-powered PCs and laptops.
Best Buy Going Out of Business: What’s Really Happening?
Best Buy is not going out of business and is actually growing again. In early 2026, the company reported strong earnings of $541 million for the quarter ending in January. While many retail brands are struggling, Best Buy has made its finances stable like the Home Depot.
Some older large stores are closing, which created confusion about a shutdown. The company is now investing in new and modern store formats. It is also focusing more on high-profit tech services to grow further.
A Quick Overview of Best Buy
Best Buy is a top retailer of electronics, home office items, software, and appliances in North America. It started in 1966 as “Sound of Music” and changed its name in 1983. Over time, it grew into a big company with nearly 1,000 stores.
It is known for its “Blue Shirt” staff and Geek Squad tech support services. In 2026, the company is focusing more on hands-on tech experiences in stores. It is still a Fortune 500 company and works with big brands like Apple, Samsung, and Microsoft.
Why Are People Saying Best Buy Is Closing?
Rumors started because around 25 stores are planned to close between late 2025 and 2026, which many people misunderstood as a full shutdown. When customers see “Store Closing” signs, they often think the whole company is in trouble. The decision to stop selling DVDs and Blu-rays also made some people feel the brand is losing its importance.
Viral posts showing empty shelves in older stores added more confusion online. In reality, Best Buy is just moving products to better-performing locations and updating its strategy. These small changes are being taken the wrong way and creating false closure rumors like the Family Dollar.
How Many Best Buy Stores Are Closing in 2026?
In 2026, Best Buy plans to close around 15 to 20 underperforming stores as their leases end. This is a very small number compared to its total stores and is part of a normal review process. At the same time, the company is opening six new smaller stores in growing areas. So, the overall change in store count is not as big as rumors suggest. Closing large, costly stores helps reduce expenses. Opening smaller, efficient stores is helping the company stay strong.
| Store Activity (2026) | Number of Locations | Strategic Goal |
| Scheduled Closures | 15–20 Stores | Exiting unprofitable, large-scale leases |
| New Openings | 6 Stores | First expansion in over a decade |
| Store Refreshes | ~70 Stores | Modernizing layouts for better flow |
Which Best Buy Locations Are Affected?
In 2026, closures mostly affect older, large stores in suburban areas where customer traffic has decreased and shifted to newer shopping spots. States like Tennessee, Missouri, and parts of New York have seen some individual store closures as the company adjusts its network. Many of these stores could not be upgraded into the new smaller or experience-based formats like the Hobby Lobby.
At the same time, cities like Miami, Atlanta, and Bozeman are getting new stores or major upgrades to meet growing demand. The company is focusing on strong locations where business is better. Customers can use the official app to check which stores are open and see any updates.
The Real Reasons Behind Best Buy Store Closures?
The main reason for store closures is a shift toward smaller and more efficient stores that cost less to run. Many older Best Buy stores are too big for today’s shopping habits, as people now shop online and visit mainly for pickup.
High labor costs and rising property taxes have also made some locations too expensive to keep. By closing these older stores, the company can save money and invest in services like Geek Squad and Best Buy Health. This helps improve overall business performance. The goal is to use space wisely and increase profit from each store.
Online Competition and Changing Shopping Trends
Best Buy is competing with online companies like Amazon by using its stores as pickup and delivery centers. Around 40% of online orders are now picked up in-store or through curbside service. Customers still like visiting stores, especially for products they want to see and test.
Items like high-end TVs and appliances attract more in-person shoppers. In 2026, many younger customers prefer buying tech in stores, which has increased store visits. By offering expert help and hands-on experience, Best Buy provides something online stores cannot.
Impact on Employees and Local Communities
When a Best Buy store closes, the company tries to move “Blue Shirt” staff and Geek Squad workers to nearby locations. Since new smaller stores are opening, many employees are being trained for these modern setups.
For local communities, a closure may mean less access to in-store tech help and repair services. However, Best Buy is growing its “Home Membership” program for in-home support. This allows Geek Squad experts to visit customers directly. Even without a nearby store, the company still provides useful services to the community.
What the Future Holds for Best Buy?
The future of Best Buy is focused on specialized retail, where stores work like showrooms for new tech like AI-based devices. The company is testing “store-within-a-store” ideas with brands like Ikea to help design smart kitchens and home spaces.
It is also growing its “Best Buy Health” services for seniors who need medical and monitoring devices. By 2027, the company will have a mix of large experience centers and small quick-access stores. This plan helps serve both in-store shoppers and fast buyers. Overall, Best Buy aims to stay important in the connected home market for a long time.
My Research about Best Buy
As you know, I am the founder of Bizlixo, where I share business status and retail market updates. In my research about Best Buy, I found that it is a well-known electronics retail chain in the United States with a strong store network and solid market presence.
The company is currently focusing on improving its services, store experience, and overall retail operations. In this article, we explain the real situation behind Best Buy and what it means for customers.
Final Remarks
In conclusion, the rumors about Best Buy going out of business are not true. Some stores are closing because of business plans and market changes, but the company is still running well. Best Buy is also adjusting to online competition and changing customer habits. Most of its stores are still open, and the brand is not closing down The Container Store.
FAQs
Is Best Buy going out of business in 2026?
No, Best Buy is not going out of business but is closing some underperforming stores.
Why are Best Buy stores closing?
Closures are due to rising costs, lower foot traffic, and the shift toward online shopping.
How many Best Buy stores are closing?
Only a limited number of locations are closing, not the entire chain.
Can customers still shop at Best Buy?
Yes, most stores remain open, and online shopping is fully available.
