Carphone Warehouse, which owns 50 per cent of Best Buy Europe, began opening "big box" megastores in a push to expand into the UK in April 2010, the Financial Times has reported.
However, full-year losses at Best Buy UK increased from £21 million to £62.2 million, which is significantly more than Carphone Warehouse had forecast.
"Following this launch period, we are in the process of evaluating the next steps in our multi-format/multi-channel consumer electronics strategy," Carphone Warehouse confirmed.
Roger Taylor, the chief executive, remarked: "Best Buy Europe continues to benefit from the proliferation of smartphone technology and the ever-expanding range of tablets coming to market, playing well into the business' core proposition in both Europe and the US."
Carphone Warehouse is Europe's largest independent mobile phone retailer.
Posted by Simon Jones
