The company said it was shutting down 66 Future Shop stores effective immediately. Meanwhile, another 65 stores will be closed for a week while they're converted to Best Buy stores.
It's not clear how many jobs will be affected by the restructuring.
Future Shop was purchased by Best Buy in 2001 for $580 million.
Best Buy said it reviewed all locations of Future Shop stores and found some were sharing the same parking lot in several markets.
Two years ago, Best Buy spoke of how it had to adapt to a "changing retail landscape" where online stores were winning a greater share of the electronics market as it closed eight Future Shop and seven Best Buy big box stores across the country.