Dozens of Future Shop stores have been closed across Canada, its parent company Best Buy Canada Ltd. announced Saturday.

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.

"Due to the consolidation, approximately 500 full-time and 1,000 part-time positions will be eliminated," Best Buy said.

Future Shop was purchased by Best Buy in 2001 for $580 million.

In a statement announcing the latest move, the Burnaby, B.C.-based retailer said it reviewed all locations for both retailers and found some were so close in proximity they shared the same parking lot.

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.