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Best Buy slashes up to 50% off prices in closing down sale

Retailer shutting UK stores and website due to economic downturn

Best Buy is offering between 10 and 50 percent off products both online and in-store as part of its closing down sale.

TVs, laptops and DVDs have been slashed by 10 percent, while printing devices, home audio components and gaming software all have 20 percent off. Blu-ray discs, DVDs and CDs have also seen their prices dropped by 50 percent.

At the beginning of this month, the US retailer announced it was shutting down, having only traded in the UK for 18 months. Best Buy blamed the economic downturn and competition from other online retailers for its demise.

The 11 Best Buy stores in the UK, which can be found in locations including Liverpool, Derby, Bristol, Thurrock and Croydon, closed last weekend in preparation for the sale, which began this morning.

The stores and online retailer in the UK are part of a venture called 'Best Buy Europe', which was formed by the US firm Best Buy and Carphone Warehouse. The company was formed in 2008 when Best Buy paid £1.1bn to buy a 50 percent stake in Carphone Warehouse's retail division.

All 11 stores and the firm's online presence will cease trading by January 15.

"We've loved bringing our passion for the latest and greatest technology to Britain over the past two years, and have always had the utmost appreciation, respect, and commitment to the entire UK marketplace, our customers and stakeholders," said managing director Steve Jensen in a letter on the Best Buy website.

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