Best Buy to expand Magnolia division

KENT, Wash. According to reports, Best Buy-owned Magnolia Audio Video, is looking to take the chain nationwide and build itself into a $1 billion business over the next five years.

Jim Tweten, ceo of Magnolia, reportedly said that in order to succeed, the Magnolia stores need to be converted to a retail model as a service-oriented provider of whole-house systems. According to reports, the new Magnolia retail models will be smaller in size and will be located next to Best Buy stores with Magnolia Home Theater shops.

According to reports, Magnolia will close six underperforming stores this summer and will convert 13 stores by November.