Sony continues its effort to save money for the fiscal year by shutting down all of their Canada stores. Resulting in 14 stores on Canadian soil shutting down permanently.
The company delivered the news in a memo to its employees on Thursday. Stating that all stores in Canada will no longer operate within the next two months. Sony later confirmed the news in a release statement.
“Over the next 6 to 8 weeks we are closing our Sony Stores in Canada and will redirect all of this business through our national network of Sony retailers, our online store … as well as through our Sony-trained Telesales team,” Sony said. “Our network of Sony authorized retailers offer a full range of Sony products and will be supported by our in-store Merchandisers and Product Trainers on an ongoing basis in order to ensure that our past customers have continued access to knowledgeable Sales consultants who can support their ongoing Sony electronics needs.“
At the beginning of last year, Sony also closed a significant amount of their stores. Shutting down 20 stores and cutting approximately 5,000 jobs from their costs, they left only stores operating in Texas, California, New York, and Florida. These closures have been a result of Sony struggling to restructure their business after years of losses. Sony is projected to lose over $1.9 billion before the fiscal year is over in March.
Sony’s stock prices may have improved by $3 over last year, but they are still $15 cheaper than they were in 2011 causing Sony to find more areas to cut cost and save as much money as possible.
Hopefully this trend wont continue and begin to affect things on the PlayStation side of the company, but it’s a shame to see a company have to close so many stores. How do you feel about Sony and their current finical woes?