Report: Best Buy CEO Eyes Bankrupt Retailer Locations
Best Buy Co. said on Thursday that it could take advantage of bankruptcies in the sector by snapping up vacant store locations, but it remains cautious as consumer spending continues to slide, according to a Reuters report.
"We are looking at some of those [stores], but our first priority is to stay cash strong," the chain’s CEO Brad Anderson told Reuters on the sidelines of the World Economic Forum in Davos, Switzerland.
"We would be more cautious than we would [be] in most environments, and take advantage of less than we would have a year or two ago," said Anderson, who plans to retire in June.
On the subject of the U.S. economy, Anderson believed "we are probably close to a bottom," but he sees the "risk of another real estate move down."
Consumer spending could see "a little further drift down as we go into the year," he added.
On Wednesday, Best Buy said it would begin involuntary layoffs at its Minneapolis headquarters in an effort to cut costs.