Best Buy initially deliberate to maintain the Magnolia retail stores as an independent high-finish luxurious model. The stores had a loyal following of eccentric prospects who would often spend as much as $5,000 on a MartinLogan speaker or up to $9,000 on McIntosh amplifiers. However, the bodily locations were finally closed down and built-in immediately into Best Buy showrooms. Best Buy bought Magnolia Hi-Fi Inc. for $87 million on Dec. 18, 2000, and assumed $598 million in debt for a complete acquisition cost of $685 million. Seattle-based mostly Magnolia Hi-Fi operated thirteen retail audio and video retailer areas with approximately $100 million in annual gross sales in 1999.
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