Fry’s Electronics announced it is permanently closing all its stores as a result of “changes in the retail industry and the challenges posed by the Covid-19 pandemic,” according to the iconic retailer’s website.
After nearly 36 years in business, with 31 stores in nine states, the retailer said it will cease all regular operations as of Wednesday.
Fry’s was slow to shift to online sales, according to reports, highlighting the strength of its competitors such as Best Buy, which has been bolstering online sales and shifted to many consumer-friendly services during the pandemic. In contrast, Best Buy recently reported record results for the quarter ending in November last year. Its online sales increased 174 percent for the quarter and accounted for 35 percent of its US sales.
Fry’, based in San Jose, CA was a family-owned, privately held business that was founded in 1985 by three Fry brothers.
The chain is in the process of servicing its vendor accounts and said, “The Company is in the process of reaching out to its customers with repairs and consignment vendors to help them understand what this will mean for them and the proposed next steps.” Consignment vendors may email omnichannel@frys.com.
Photo credit: The Verge
Source: https://www.ceoutlook.com/2021/02/24/frys-chain-closing-shows-best-buys-strength/
