.

Best Buy to Close Old Orchard Location

Minnesota based Best Buy will be closing their Old Orchard location in Skokie, Ill., on Feb. 3. The company has been downsizing due to a volatile stock price, scandal and online competitors such as Amazon.com.

Best Buy Old Orchard, which first opened its doors in 2001, will be closing for good come Feb. 3, according to the Minneapolis St. Paul Business Journal.

Some locals may describe the 9625 Skokie Blvd. location as prestigious solely on its location. Just across the street from the electronics giant is Westfield Old Orchard Mall, which alone accounts for about 40 percent of all sales tax revenue generated in Skokie.

An employee at Best Buy Old Orchard acknowledged the closing, but asked her name be withheld due to corporate policy.

"They just decided to shut us down," the employee told Patch. "Most of the items we have are already marked 10 percent off; we're gearing up to clear inventory, yes."

When asked whether the closing meant lost jobs the employee responded, "Definitely not."

It is unclear whether employees will be simply transferred to another store or perform their duties in a different capacity.

Last March, Best Buy announced that it would be closing 50 of its retail stores throughout the country. That same month, the retailer cut more than 2,400 jobs in an effort to reduce operating cost. 

Some of Best Buy's problems stem from bargain shoppers who do all their research on big ticket items at the store but make their purchase through online retailers like Amazon.com. In many cases, there is no sales tax and about a 4 to 9 percent cost difference in favor of Amazon when buyers purchase electronics from the website.

In April 2012, CEO Brian Dunn resigned following an internal investigation regarding his personal conduct within the company.

Since Dunn's resignation, Best Buy's stock price has steadily fallen, from $23.64 a share on April 2, 2012 (right around when Dunn resigned) to its current price of $14.88.

It is unclear if any plans are in place to replace the soon to be vacant storefront in Skokie. If any new updates come in, Skokie Patch will update.

--

Skokie Patch on Facebook

Oliver P. McCracken January 22, 2013 at 02:08 AM
Mr. Slefo, while I still consider you this era's H.L Mencken or Ben Hecht, I hardly believe I will fulfill my phonographic needs by sailing down yon Brazilian river that is filthy with poisonous snakes, jag-uars, headhunting heathens, and heaving-bosomed Amazonian ladies. I will take my chances with the Pirates!
George Slefo January 22, 2013 at 02:30 AM
@ Oliver - Your comments seem to always put a smile on my face. "I will fulfill my phonographic needs by sailing down yon Brazilian river that is filthy with poisonous snakes, jag-uars, headhunting heathens, and heaving-bosomed Amazonian ladies. I will take my chances with the Pirates!" The pirates ... Too funny! =D Best, George
Brian Hickey January 22, 2013 at 02:41 AM
Spot on Earl !! And don't forget that Skokie has it's own additional 1% sales tax through out the village. Mid 2010 when we were deep in this recession, the village decided to bump up their take on sales taxes by an additional .5% bringing our village sales tax to 1% in addition to the normal 1% retained by communities. Remember, Skokie bumped up sales taxes after Chicago had just taken the title for highest sales taxes in the nation due to Todd and Rod. Apparently the village wanted that crown for itself...the economy be damned. Revenues from our total sales tax take of 2%...about $24 million annually. Yes, the village is in great shape financially. Unless you actually live here and have to pay the taxes,and suffer the devastation that record foreclosures put on your property. Add Robert Silverman's drunken spending as head of district 219 school board and , well, there you have it. A town which believes in crippling it's residents and retailers with ridiculous taxation and spending. Don't forget the 5% utilities tax that trustee Perille deemed "very fair" as old folks could turn down their heat and air conditioning use...to what they could afford. Great logic, huh? What a shame that he's retiring as trustee. It's hard to find enlightened thinkers like him. Wait till you see how he views landlords. You know the village is host to many colleges. Apparently, silently, to a clown college as well.
Brian Hickey January 22, 2013 at 03:00 AM
But there is some good news in spite of another departing business. Yes we have a now empty Walgreens and Barnum and Bagel on Dempster, and countless other vacant store fronts. But vacant storefronts are a thing of the past now in Skokie. The village will buy the empty retailers AT YOUR EXPENSE and then raze the unsightly stores after only a few years of vacancy. And then once they raze these structures, the property will sit empty for several more years before re-development can take place. MAYOR VAN DUSEN TO RUN UNOPPOSED in the upcoming elections. http://skokie.suntimes.com/news/elections/17507987-505/challenger-to-skokie-mayor-kicked-off-ballot.html Credit clerk Marlene and trustee liver spot. Ahhh wonderful. Who wants a responsible city father when you can have a LONG TERM POLITICIAN. What a legacy MAYOR GEORGE IS BUILDING. It's not what you do for the village, but how long you keep your A$$ in the seat. God help us! And we should not forget of fine village manager Albert Rigoni in any discussion of the village's well being.
Earl Weiss February 03, 2013 at 04:52 PM
They don't always sit vacant. They buy parcels like the 2 that Oberweiss now sits on for about $870,000 each plus pay for demo and environmentakl cleanup and carrying costs so they can sell it to someone like Oberweiss for $400,000

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »