Bose has said it will offer severance and outplacement assistance to employees affected by the decision
Audio equipment manufacturing company Bose plans to close its 119 retail stores across North America, Europe, Australia and japan, the company told The Verge.
The decision was announced on January 15, with the company citing the increasing purchase of its headphones, speakers and other products online as the reason behind the move.
An obvious consequence of the move to close over 100 retail stores would be retrenchment of employees. However, the company did not reveal as to how many employees would be affected by its latest decision.
However, as per a statement from the company quoted by The Verge, around 130 of its retail stores will continue to operate in United Arab Emirates and Greater China, in addition to some others in India, South Korea and Southeast Asia.
Bose has also said it will continue to offer severance and outplacement assistance to those of its employees who are to be affected by the move.The company's first retail store was opened in 1993 in the United States. When it started off, the company's stores were meant to allow people a way to experience, test and talk about multi-component, CD and DVD-based home entertainment systems, Bose Corporation's global sales Vice-President Colette Burke said in the statement. He added that with time, however, the company focused on the needs of its customers, what and where they needed it.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.