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KENT, WASH. - Best Buy has assumed direct control over its high-end Magnolia Audio Video specialty chain, and will combine it with its in-store Magnolia shops under a new management structure at its corporate headquarters in Richfield, Minn.
As a result of the decision, Magnolia's headquarters and distribution center here are being shut down, along with seven of its 13 stores.
The status of Magnolia's present management team was not disclosed.
Best Buy said it remains committed to aggressively growing and expanding the Magnolia brand, and will proceed with plans to open a Magnolia store in Chicago this year, while all of the...