Best Buy still determined to crack UK

American electrical goods giant Best Buy reconfirmed its plans to crack the UK market today, even as it pulled back from China and Turkey.

It is closing its branded stores in those countries, but insists it will keep growing in Britain.

Best Buy has six, loss-making, megastores in the UK and has faced repeated speculation that its adventure here has not gone as planned. Some critics believe it misjudged the competition and is looking for a way out.

The company said today it will open 18 Best Buy-branded large-format stores in Canada, the UK and Mexico during the 2012 financial year.

In China, the company will focus on developing its stores using the brand Five Star, which has been profitable there. Best Buy expects to incur restructuring charges in 2011 and 2012 of $225 million (£139 million) to $245 million.

The UK arm is a joint venture with Carphone Warehouse. The Americans paid £1 billion in 2008 to set up the business, in which it has a 50% stake.