By Marko Vidrih on The Capital
Microsoft announced its intention to close all of its physical stores as part of a new approach to retail.
Microsoft is expected to reserve $450 million, or $0.05 per share, in the current fourth fiscal quarter for write-offs and impairment of assets. The company temporarily shut down its Microsoft Store at the end of March due to restrictions imposed due to the COVID-19 coronavirus pandemic.
Microsoft said that all of its employees in the retail segment will continue to work in the company’s offices and remotely.
“Our sales have grown online as our product portfolio has evolved to largely digital offerings, and our talented team has proven success serving customers beyond any physical location,” said Microsoft Corporate Vice President David Porter.
Earlier, we wrote that FedEx, a logistics company, and Microsoft tech giant are joining together to provide commercial delivery customers with early warning of delays due to weather, traffic, and other disruptions. It is reported that the merger is due to competition with Amazon.
Author: Marko Vidrih
Featured image credit: Unsplash