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October 24, 2012

Best Buy announced major changes to its leadership organization.

Minneapolis -- Best Buy on Wednesday announced major changes to its leadership organization. The company is removing the senior-most layer of the U.S. operation is being removed; resulting in what it called “a leaner structure intended to improve the company’s agility.”

August 6, 2012

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion.

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion. Schulze said he would offer Best Buy shareholders between $24 and $26 for each of their shares in the chain, according to a letter sent to the board that he made public.

June 26, 2012

Best Buy announced it is expanding the Best Buy Mobile brand and store-within-a-store concept into 14 Five Star stores throughout Nanjing, China, this summer.

Minneapolis -- Best Buy announced Tuesday it is expanding the Best Buy Mobile brand and store-within-a-store concept into 14 Five Star stores throughout Nanjing, China, this summer.

The expansion of Best Buy Mobile into the Chinese market is the first evolution of Global Connect, a partnership that was formed in November 2011 between Best Buy and Carphone Warehouse.

May 23, 2012

Best Buy said its profit for the first quarter fell 26% amid higher restructuring charges and lower comparable store sales.

Minneapolis -- Best Buy said its profit for the first quarter fell 26% amid higher restructuring charges and lower comparable store sales. However, adjusted earnings topped analysts' expectations and the company maintained its earnings outlook for fiscal 2013.

Best Buy said its profit fell to $158 million in the quarter ended May 5, from $212 million in the year-ago period.

Revenue rose 2% to $11.61 billion, helped by an extra week, and sales of tablets and mobile phones. International sales fell on weakness in China and Europe.

April 25, 2012

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry.

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry. What may have been surprising to some — myself included — is their plan to roll out 100 Best Buy Mobile stores.

March 29, 2012

In a move to tighten its footprint and reduce costs, Best Buy Co. said it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013.

Minneapolis -- In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

October 6, 2011

Following a disappointing second quarter, Best Buy is looking to reposition itself as a tech leader with plans to hire more than 200 information technology professionals, with more than 100 new positions to be posted in the next several weeks.

Minneapolis -- Following a disappointing second quarter, Best Buy is looking to reposition itself as a tech leader with plans to hire more than 200 information technology professionals, with more than 100 new positions to be posted in the next several weeks.

Best Buy said Thursday it is looking to recruit skilled professionals from across the IT landscape, including e-commerce, business analytics, application development, engineering and project management.

July 6, 2011

What topics interested retailers most in the first half of 2011?

New York City -- What topics interested retailers most in the first half of 2011? The most popular stories with chainstoreage.com readers from January through June ran the gamut, from the top 10 retail markets for 2011 to Dollar General’s ambitious expansion. Take a look at our top 10 most popular stories: 
 
1. Top 10 retail markets for 2011

April 14, 2011

Best Buy Co. said Thursday that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping.

Minneapolis -- Best Buy Co. said Thursday that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping. The chain is also scaling back the size of its signature namesake format. 

In an analyst conference Thursday, the retailer unveiled plans to shrink square footage at big-box stores by 10% over the next three to five years, a move that Best Buy said will eventually save $70 million to $80 million annually.

March 24, 2011

Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period.

Minneapolis -- Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period. However, adjusted results beat Wall Street expectations.

The retailer cited restructuring costs and weak TV and other electronics sales for the performance decline.

February 23, 2011

Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency.

Minneapolis -- Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency. The retailer plans to open about 150 Best Buy Mobile stand-alone-stores in the United States, for a total of some 325 locations by year-end.

Best Buy plans to open about six to eight Best Buy-branded large-format stores in the United States, along with 18 Best Buy stores in Canada, the United Kingdom and Mexico during the year.

December 14, 2010

Best Buy Co. has settled a Connecticut lawsuit that accused the retailer of advertising lower prices on some items on its website than at in-store kiosks, then overcharging customers at the stores.

Hartford, Conn. -- Best Buy Co. has settled a Connecticut lawsuit that accused the retailer of advertising lower prices on some items on its website than at in-store kiosks, then overcharging customers at the stores.

Best Buy did not admit wrongdoing as part of the 2007 lawsuit's settlement, filed Monday in Hartford Superior Court. The retailer agreed to pay $399,000 to Connecticut's government general fund and reimburse affected customers for the difference between the online prices and the higher in-store kiosk prices they were charged.

July 18, 2010

Best Buy Co. will withdraw its unfair advertising lawsuit against Colorado-based Ultimate Electronics....

June 14, 2010

Best Buy Co. said Tuesday that its first-quarter profit inched up 1%, to $155 million...

March 24, 2010

Best Buy reported its fourth-quarter earnings rose 37% due in part to better sales of...

October 15, 2009

Best Buy Canada said Friday it has launched an Oct. 16 to Oct. 21 trade-in...

October 13, 2009

Best Buy Co. said Wednesday it will open its first 24-hour retail location in New...

December 15, 2008

Facing what CEO Brad Anderson called the "most challenging consumer environment our company has ever...

December 7, 2008

Best Buy Co. opened its first store in Mexico, outside of Mexico City, on Friday....

November 11, 2008

Best Buy Co. said it is sharply cutting its fiscal 2009 earnings outlook below analyst...

October 14, 2008

Best Buy Co. Wednesday announced it is launching stand-alone stores dedicated to mobile technology in...

October 2, 2008

Best Buy will open a store Saturday in Aurora, Col., that was designed with women...

September 15, 2008

On the heels of Monday’s news that Best Buy would acquire online music-sharing site Napster...

September 8, 2008

Best Buy Co. has appointed several executives to new positions across Best Buy International, the...

August 10, 2008

Best Buy Co. Inc. plans to add a dozen automated vending kiosks inside major airports...