Another Canadian retailing name is disappearing from the landscape. And it will mean that 500 full-time and 1,000 part-time workers will lose their jobs.

Best Buy Canada has announced that its "consolidating" its Future Shop stores and website with the parent company.

It means 66 Future Shops will close permanently and another 65 will be temporarily shut down as they're rebranded as Best Buy outlets.

“Currently, 80 per cent of our customers are within a 15 minute drive to a store and this won’t change,” Best Buy Canada chief operating officer Ron Wilson said in a news release. “We will continue to have a strong store presence in all major markets in Canada.”

It will leave Best Buy with 192 stores across Canada. Of those, 136 will be the "large-format stores", according to the news release.

The announcement comes as Target is in the midst of closing 133 stores across Canada, throwing 17,000 employees ouf of work.

Best Buy Canada is a subsidiary of U.S.-based Best Buy Co., which employees more than 125,000 people in North America.

In its last fiscal year, it generated $40.3 billion in revenues and posted a net income of $1.2 billion. That was up from $532-million profit the previous year on revenues of $40.6 billion.

Best Buy Co. shares closed at $38.48 yesterday on the New York Stock Exchange.