Best Buy Wraps Up Future Shop for the Holidays5 Nov, 2001 By: Hive News
Best Buy Co. announced Monday that the company had completed its acquisition of Future Shop Ltd., Canada's leading consumer electronics retailer.
Future Shop became a wholly owned subsidiary of Best Buy effective on Nov. 4 and trading of Future Shop shares on the Toronto Stock Exchange ceased.
"The completed acquisition of Future Shop is an exciting step for both companies," said Best Buy chairman and c.e.o. Richard M. Schulze. "It helps achieve Best Buy's goal of becoming a global leader in the technology and entertainment industry, and provides Future Shop with the resources ofa multi-national organization committed to growth and expansion throughout Canada."
As part of the acquisition, Hassan Khosrowshahi -- who founded Future Shop in 1982 -- has stepped down as chairman and c.e.o. Future Shop president and c.o.o. Kevin Layden will remain at the helm, reporting to Best Buy president and c.o.o. Brad Anderson.
Layden said, "The post-mergerintegration process will be a collaborative effort, maximizing the talent and expertise of Future Shopemployees. We look forward to being a part of the Best Buy family."