The consumer electronics retailer, with more than 1,800 stores nationwide, is buying the 91-store chain as a way to quickly enter the Canadian market -- and avoid a fight for market share that such a move would have entailed.
The stores will be converted to best Buy shops over the next several years. As part of the acquisition, Hassan Khosrowshahi, who founded Future Shop in 1982, has stepped down as chairman and CEO. Kevin Layden, Future Shop president and COO, will stay at the company and report to Best Buy President and COO Brad Anderson.
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