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Best Buy Missoula - J.C. Penny to Victoria's Secret, here are 8 retailers that will make or break it in 2021.

The days of sitting in the car to watch big-screen TV at your neighborhood Best Buy may be numbered.

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Best Buy may close more stores than usual in 2021 as a shift to online shopping accelerates as people are reluctant to venture from home amid Covid-19, CEO Corey Barry said Thursday during the Minneapolis-based electronics retailer's quarterly earnings call. . The company has approximately 450 leases coming up for renewal over the next three years, or an average of 150 each year.

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"As part of the review process, we have closed approximately 20 large format locations over the past two years and expect to close a large number this year," Barry said. "We have also reduced the length of the average lease term, which will continue to provide us with flexibility."

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As the company's online sales explode amid the coronavirus pandemic, the retailer is cutting store staff and hours as stay-at-home people stock up on laptops, TVs and other gadgets. Best Buy laid off 5,000 full-time store workers earlier this month, Barry said.

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"In addition to our physical stores, our operating model must evolve to meet the changing shopping behavior of our customers that has been accelerated by the pandemic," Barry said. "Consumers have bought more regularly and seamlessly across all our channels, forcing us to look at how we do our jobs."

The company said it cut the jobs because more shoppers are choosing to shop online instead of coming into its stores. It will replace 5,000 full-time employees with 2,000 part-time employees.

Barry's also said it is paying hourly employees an "additional cash appreciation bonus" of $500 if full-time and $200 if part-time or occasional seasonal.

Best Buy's workforce has been reduced over the past year after it had to lay off workers after the store closed to the public early in the pandemic. There are currently more than 100,000 workers, down 21,000 or 17% from last year.

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Employees started coming back from vacation from mid-June. In August, the company raised its initial minimum wage to $15 an hour.

The company is retraining workers to help with online orders. And more space in stores is being used to ship orders or prepare for curbside pickup, where shoppers shop online and pick up orders in the parking lot.

A group of workers has posted an online petition calling on Best Buy to compensate employees for lost wages related to the layoffs. The company began cutting employee hours at 150 stores on Jan. 10, according to the petition. About 792 of the nearly 4,000 signatures were from Best Buy workers, said Shannon Fulfs, a petition organizer who works at a Best Buy in the Omaha, Nebraska, area.

Fulles said workers faced a sudden loss of up to 40% in income and uncertainty about what to do because they were not told whether the cuts would be permanent.

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Best Buy said it is "not realistic to pay employees for hours they did not work, which is the small number the petition is asking for."

"We told the petitioners that we disagree with their claims, but fully support their right to do so," the company said in a statement sent to The Associated Press. "Like any retailer, our business model has always allowed us to adjust staffing to meet customer demands."

Best Buy said its online sales rose 89% from November to the end of January, compared with the same period a year ago.

Revenue rose 11% to $16.9 billion in the quarter. Its profit rose nearly 10% to $816 million. Its adjusted earnings per share came in at $3.48 per share, beating Wall Street expectations.

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Online and brick-and-mortar sales, a key indicator of a retailer's health, rose 12.6% in the latest quarter and rose 9.7% last year. The number is expected to grow by 20% in the current quarter, but this year growth is expected to slow to 2% or increase to 1%. Hours after the traditional opening of Black Friday stores, the parking lot at Best Buy remains surprisingly empty of cars. Black Friday 2020

Everything you need to know about Best Buy's 4th of July sale, like Best Buy's 4th of July hours and is Best Buy open on 4th of July?

The e-retailer will be open for the holiday, with all stores across the country operating their normal Sunday hours. For most of the country, this means Best Buy will be open from 10am to 7pm local time. However, shoppers expect to follow that schedule for normal Sunday hours, which vary from 10 a.m. to 7 p.m.

This is not surprising since the chain regularly opens on the 4th of July. With stiff competition from online giants like Amazon and other retailers like Walmart, Best Buy offers some of the best deals during their holiday sale. This year is no exception.

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This year's sales offers are not significantly different from previous years. Retailers offer great deals on TVs, desktop computers, laptop computers and various other personal electronics. Notably, they're taking $1,000 off the Sony - 77-inch BRAVIA XR A80J Series OLED 4K UHD Smart Google TV, one of the most reviewed 4K TVs. Other televisions are discounted anywhere from $40 to $500.

Similar offers can be found on personal computers. Shoppers can get more than $30 off select Chromebook devices, while select Apple Macbook devices get $200 off. The Microsoft Surface Pro X is priced at $300 during the sale. However, not all game consoles are on sale.

Playstation 5 and Xbox Series X gaming consoles are largely unavailable across the country. Sold out at almost every retailer, you can't get your hands on one already, and this sale won't improve your chances. Waiting to find one and get a sale price is like waiting for LeBron James to deliver your next order.

Be sure to visit Best Buy's website for full details on all sale items, but be sure to stop by the store or shop online throughout the weekend. Sale ends Monday, July 5, 2021.

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