Electricals specialist Best Buy Europe, the joint venture between UK company Carphone Warehouse and US group Best Buy, has announced that it is selling the Belgian arm of its business.
A statement from the group revealed that an agreement has been reached to sell its Belgian retail operation for €22 million (£19.45 million) to telecommunications specialist Belgacom, subject to clearance from the Belgian Competition Authority.
Best Buy Europe’s Belgian insurance customer base will not form part of the transaction.
Last month Best Buy announced that revenues and store sales fell during its fourth quarter - the three months to February 26th - compared to the same period one year before.
Store sales reduced 4.6 per cent and revenues were down two per cent to $16.3 billion (£10.08 billion) year-on-year, although it was reported that Best Buy Europe experienced low single-digit sales growth in the quarter.
In February Best Buy said it was closing its two stores in Turkey and nine of its outlets in China, as part of a major restructuring plan.