Content about Best Buy Co.

April 4, 2013
Best Buy to open in-store Samsung shops

Samsung Electronics and Best Buy Co. have entered into a partnership to install Samsung in-store shops in more than 1,400 Best Buy and Best Buy Mobile stores across the U.S. beginning this month.

Richardson, Texas -- Samsung Electronics and Best Buy Co. have entered into a partnership to install Samsung in-store shops in more than 1,400 Best Buy and Best Buy Mobile stores across the U.S. beginning this month.

By early May, 900 Best Buy and Best Buy Mobile specialty stores will feature the “Samsung Experience Shop,” with the remainder launching by early summer.
    

March 5, 2013
Best Buy names COO of Canada ops

Best Buy Co. named Ron Wilson as president and COO of its Canadian operations, effective immediately.

New York -- Best Buy Co. named Ron Wilson as president and COO of its Canadian operations, effective immediately. Wilson will lead the business in Canada under the Future Shop and Best Buy online brands.

As SVP merchandising and e-commerce since 2008 for Best Buy Canada, Wilson led the strategic visions of Bestbuy.ca and Futureshop.ca. Wilson previously managed several other units within Best Buy Canada, including merchandising, operations and marketing.
 

March 1, 2013
Best Buy tops Street as Q4 loss narrows; buyout talks with founder Schulze end

Best Buy Co. said that its loss narrowed in the fourth quarter, helped by improved U.S. sales.

Minneapolis -- Best Buy Co. said that its loss narrowed in the fourth quarter, helped by improved U.S. sales. In a separate release, the company said that the deadline passed without it having received an acquisition offer from its co-founder, Richard Schulze, who had been considering making a bid for the chain.

“The company received no such offer and will continue to focus on its transformation for the benefit of all of its stakeholders,” Best Buy said in a statement.

February 26, 2013
Ax falls at Best Buy; cutting 400 headquarters jobs

Best Buy Co. announced it is cutting 400 jobs at its headquarters as part of its “Renew Blue” transformation efforts.

Minneapolis -- Best Buy Co. announced it is cutting 400 jobs at its headquarters as part of its “Renew Blue” transformation efforts.

February 19, 2013
Best Buy to make holiday price-matching permanent year round

Best Buy Co. is making its holiday price-matching guarantee a year-round program.

New York -- Best Buy Co. is making its holiday price-matching guarantee a year-round program. Taking aim against the increasingly popular practice of “showrooming,” the consumer electronics chain will match online prices starting March 3.

Best Buy’s permanent price match has been expanded to cover almost all categories of merchandise. It does not cover phones purchased under contract.

Best Buy will also decrease its merchandise return policy from 30 days to 15 days

 

February 14, 2013
Report: Founder of Best Buy may give up on takeover bid

Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported.

New York -- Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported.
 
Schulze informed the Best Buy board in August that he was interested in partnering with private equity partners to buy the struggling consumer electronics company. But he has been unable to get enough support from banks to finance a deal that would allow him to take it private, the report said.

January 11, 2013
Best Buy’s U.S. holiday sales flat

Best Buy Co. on Friday reported revenue of $12.8 billion for the nine weeks ended January 5, 2013, compared with $12.9 billion for the nine weeks ended December 31, 2011.

Minneapolis -- Best Buy Co. on Friday reported revenue of $12.8 billion for the nine weeks ended January 5, 2013, compared with $12.9 billion for the nine weeks ended December 31, 2011. Online revenue rose 10%.

Same-store sales were down 1.4%.  Domestic same-store sales were flat, but fell 6.4% internationally.

January 2, 2013
Two Best Buy directors resign

Two directors of Best Buy Co. have resigned from the board of the retailer, the company disclosed in a regulatory filing Monday, the Wall Street Journal reported.

New York -- Two directors of Best Buy Co. have resigned from the board of the retailer, the company disclosed in a regulatory filing Monday, the Wall Street Journal reported.

G. "Mike" Mikan, who served as Best Buy's interim CEO in the wake of CEO Brian Dunn’s resignation last April, has left the board to become president of ESL Investments Inc., the hedge fund run by Sears’ Edward Lampert. Mikan, whose appointment is effective Jan. 1, will report to Lampert, the firm said today in a statement.

December 20, 2012
Best Buy digital head leaves company

Best Buy Co. announced that its president of digital operations Stephen Gillett is leaving the company to take a COO post at computer security company Symantec, effective Friday.

Minneapolis -- Best Buy Co. announced Wednesday that its president of digital operations Stephen Gillett is leaving the company to take a COO post at computer security company Symantec, effective Friday.

Best Buy said that Gillett’s responsibilities will now be divided up among CFO Sharon McCollam, online and global e-commerce president Scott Durchslag, and senior VP U.S. retail Shawn Score.

 

December 14, 2012
Best Buy extends deadline for offer by Schulze

Best Buy Co. said it agreed to extend the deadline to Feb. 28 for founder Richard Schulze to make a bid for the company.

New York -- Best Buy Co. on Friday said it agreed to extend the deadline to Feb. 28 for founder Richard Schulze to make a bid for the company.

The company said it is in the best interest of shareholders to let Schulze and his partners include results from the holiday season in their due diligence review.

December 13, 2012
Report: Best Buy founder to make $5 billion to $6 billion buy-back bid

A report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.

New York -- A Thursday report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.     

The newspaper cited an unnamed source for the report.

The bid would fall below Schulze’s August offer of up to $10.9 billion including debt.

Best Buy has not yet commented publicly on the report.

November 20, 2012
Best Buy swings to loss in Q3

Best Buy Co. woes continue, as the electronics retailer reported a loss of $10 million for the quarter ended Nov. 3, compared with net income of $156 million in the year-ago period.

Minneapolis -- Best Buy Co. woes continue, as the electronics retailer reported Tuesday a loss of $10 million for the quarter ended Nov. 3, compared with net income of $156 million in the year-ago period. Results were hurt by restructuring charges and slowed sales.

Sales slid 4% to $10.75 billion, but met Wall Street expectations. Same-store sales dropped 4.3%.

November 13, 2012
Best Buy CEO outlines plan to reverse decline

In his address to investors and stockholders in New York City, newly minted Best Buy Co. CEO Hubert Joly acknowledged that sales and profits are on a decline, and presented a plan to shore up finances and operations by cutting expenses, rethinking footprints and improving both offline and online customer satisfaction.

Minneapolis -- In his Tuesday address to investors and stockholders in New York City, newly minted Best Buy Co. CEO Hubert Joly acknowledged that sales and profits are on a decline, and presented a plan to shore up finances and operations by cutting expenses, rethinking footprints and improving both offline and online customer satisfaction.

October 12, 2012
Best Buy gets stellar score from Carbon Disclosure Project

Best Buy Co. received its highest score ever from the Carbon Disclosure Project (CDP), which represents 655 institutional investors with $78 trillion in assets, for its performance and approach to the disclosure of climate change information.

Minneapolis -- Best Buy Co. received its highest score ever from the Carbon Disclosure Project (CDP), which represents 655 institutional investors with $78 trillion in assets, for its performance and approach to the disclosure of climate change information.

October 10, 2012
Best Buy CFO steps down

Best Buy Co. said that CFO James Muehlbauer has resigned the company.

Minneapolis -- Best Buy Co. said Tuesday that CFO James Muehlbauer has resigned the company. He will continue in an advisory capacity until Feb. 3.

The retailer said it has launched a search for a permanent replacement.

Muehlbauer’s resignation is the latest in a string of executive departures for Best Buy, and comes as founder and former chairman Richard Schulze mulls an offer to buy the company.

October 8, 2012
Best Buy selects Brightstar to streamline reverse supply chain for mobile devices

Brightstar Corp., a global provider of diversified solutions for the wireless device industry, announced that the company has been selected by Best Buy Co. to manage the retailer's entire inventory of returned mobile devices in the U.S.

Chicago -- Brightstar Corp., a global provider of diversified solutions for the wireless device industry, announced that the company has been selected by Best Buy Co. to manage the retailer's entire inventory of returned mobile devices in the U.S.

August 27, 2012
Best Buy and Schulze in due diligence deal

Best Buy Co. announced that it has agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Minneapolis -- Best Buy Co. announced Monday that it has agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.

August 23, 2012
Best Buy reportedly reaches out to Schulze to resume talks

A report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

Minneapolis -- A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.

August 21, 2012
Best Buy Q2 profit plummets 91%; suspends profit forecast

Best Buy Co. reported that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period.

Minneapolis -- Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

August 20, 2012
Best Buy names chief executive of Carlson as new CEO

Best Buy Co. has named Hubert Joly, the former chief executive of global hospitality company Carlson, as the chain's new CEO and president.

Minneapolis -- Best Buy Co. has named Hubert Joly, the former chief executive of global hospitality company Carlson, as the chain's new CEO and president. Carlson, which operates such businesses as Radisson and T.G.I Friday's, announced Sunday that Joly resigned from that company.

August 16, 2012
Best Buy founder Schulze remains committed to takeover

Best Buy Co. co-founder Richard Schulze said that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."

Minneapolis -- Best Buy Co. co-founder Richard Schulze said Thursday that he is staying the course on his plan to acquire the company and take it private, adding that he has heard from a lineup of private equity firms prepared to make "significant commitments."

In a letter to the Best Buy board, Schulze indicated that he'd like to create a group and put forth a fully financed plan.

July 31, 2012
Best Buy plans lifestyle center location

Best Buy Co. has signed a lease to open a 37,740-sq.-ft. store at The Fountains at Farah, a new power-lifestyle shopping center located in El Paso, Texas.

El Paso, Texas -- Best Buy Co. has signed a lease to open a 37,740-sq.-ft. store at The Fountains at Farah, a new power-lifestyle shopping center located in El Paso, Texas.

The shopping center, a Centergy Retail project, is under construction and planned to open in 600,000 sq. ft. in fall 2013.
 

July 6, 2012
Best Buy cutting 650 Geek Squad jobs

Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

New York -- Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

The report said the company is eliminating positions that service appliances and televisions in customer's homes. Best Buy said it is not getting rid of home service, but is restructuring it and realigning its work force across all service channels.

If laid off workers are unable to find another position within Best Buy, their last day will be Aug. 1, the report said.

June 7, 2012
Best Buy founder and chairman vacates board earlier than planned

Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

May 11, 2012
Best Buy chairman to step down in wake of CEO investigation

Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board's audit committee.

Minneapolis -- Best Buy Co. announced that founder Richard Schulze would step down as chairman after an independent board investigation found that he had failed to report allegations of personal misconduct by former CEO Brian Dunn to the board's audit committee.

Schulze will serve out the remainder of his term as director. Best Buy said its board has elected director Hatim Tyabji to succeed Schulze as chairman, effective at the conclusion of the annual meeting on June 21.