Future Shop (http://www.futureshop.ca/en-CA/home.aspx)
From Wikipedia, the free encyclopedia
Future Shop is Canada's largest consumer electronics retailer. Future Shop operated 139 stores across all of Canada's provinces in January 2013.
Future Shop was purchased for C$580 million by Best Buy on November 4, 2001. The company was renamed Best Buy Canada Ltd.—a wholly owned subsidiary of its American parent. It has continued to operate Future Shop as a separate division, with most locations under their original name. Future Shop continues to grow and open new stores across Canada. In December 2008, Future Shop opened its new flagship store in Edmonton at South Edmonton Common, which is the largest in Canada. The key leaders and the information:
|The logo | |Type |Division of Best Buy | |Industry |Retail | |Founded |1982 | |Headquarters |Burnaby, British Columbia,Canada | |Key people |Michael Pratt - President (Best Buy Canada), | | |Charles Tobin - Senior Vice President (Future | | |Shop) | |Products |Electronics | |Revenue |$5.0 billion CAD (2008) | |Employees |13,100 | |Parent |Best Buy |
Give a brief history of the company:
Future Shop was founded in 1982 by Iranian entrepreneur Hassan Khosrowshahi, who left Iran to settle in Vancouver,British Columbia, to start a retail business. Khosrowshahi graduated from the University of Tehran with a degree in law and economics and was a part of the family that owned the Minoo Industrial Group, a large Iran manufacturer of pharmaceuticals, cosmetics, and food products. Khosrowshahi planned to open a chain of consumer and home electronics stores and take over the Canadian retail market. His associate, Ardeshir Ziabakhsh (Ardy Zia), took the role of president and CEO of the newly formed company and Khosrowshahi served as chairman and founder. In 1983, Future Shop opened the first three stores, all of which were in British Columbia. The company sold computers, software, games, videocassettes, audio equipment, music, and other items. By December 1983, the first month all of the Future Shop stores were opened and making business, the company reached $2.8 million in sales.
By 1993, Future Shop became the largest retailer of computers and consumer electronics in Canada and was operating 38 stores across the country and parts of the United States. In August 1993, Future Shop went public on the Toronto Stock Exchange, making $30 million to be used for expansion and to pay off debt.
By the end of 1995, Future Shop's sales had reached more than $1 billion, with more than $38 million EBITDA (earnings before interest, taxes, depreciation and amortization)
In 1997, Future Shop announced a change in management, with Ziabakhsh leaving the company. Khosrowshahi took on the roles of president and CEO in addition to serving as chairman. Many people from company headquarters were let go during this transitional period.
In December 2011, Future Shop opened its first liquidation centre in Quebec, in Greenfield Park.
At the end of March, Future Shop's Canadian division had produced record-setting sales and earnings for the company; however, the company's earnings were down 20 percent from the previous year, because of many losses caused by its failing U.S. operations. Despite plans for more locations in the U.S. over the next several years, the company instantly stopped any new plans for further...