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The South Keys Best Buy store will close later this month after the company was unable to renew its lease.

In a statement, Best Buy Canada said it is “disappointed” it has to close the store at 2210 Bank St. on April 16 because it couldn’t reach a “reasonable” lease agreement with the landlord.

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“We have communicated the closure to our Ottawa South employees and are working to find them as many positions as we are able to accommodate at nearby Best Buy locations,” the statement said.

The inventory left over after the closure will be taken to nearby Best Buy stores.

The South Keys location was recently converted from a Future Shop to a Best Buy after the company announced last year that all Future Shop stores in the country would close.

Best Buy Canada, the company that owns Best Buy and owned Future Shop, said the Merivale Road, Kanata and Gatineau Future Shop stores had closed.

The company planned to convert three other Ottawa locations — South Keys, Orléans and Barrhaven — into Best Buy stores.

As many as 500 full-time and 1,000 part-time jobs were lost as a result of the consolidation.

Best Buy Canada is a subsidiary of Minnesota-based Best Buy Company, which bought Future Shop for $580 million in 2001.