Wednesday, November 21, 2012
The company lost $13 million in the quarter ending Nov. 3, 2012, compared to the same period last year.
Best Buy business is down from this time last year. The company reported a loss of $13 million or 4 cents per share, from continuing operations in the quarter ending Nov. 3. During the same quarter in 2011, Best Buy had posted earnings of $173 million, or 47 per diluted share on revenue of $11.1 billion. Total revenue for the quarter was $10.7 billion. According to the Minneapolis-St. Paul Business Journal, the company warned last month that its earnings and same-store sales would drop in the third quarter. Excluding the charges for its extensive resturcturing, Best Buy earned $10 million, or 3 cents per diluted share. However, that was still well below analyst estimates of 12 cents per share, according to Reuters. Best Buy CEO Hubert Joly…
Wednesday, October 10, 2012
Jim Muehlbauer is leaving the company at the end of the 2013 fiscal year.
After hiring a new CEO in August, Richfield-based Best Buy is now in the market for a new chief financial officer. Jim Muehlbauer, the company's current vice president and CFO, is leaving the company following the end of the 2013 fiscal year. Muehlbauer joined Best Buy in 2002, according to a company press release. "Jim is leaving Best Buy after more than a decade with the company," CEO and President Hubert Joly said in the release. "We thank him for his many contributions and, of course, wish him well in the future. I have no doubt that whoever we chose to succeed Jim will have his high degree of integrity and passion for our business." "I've appreciated the opportunity to have served this organization over the past 10 years," Muelbauer …
Wednesday, October 3, 2012
Scott Durchslag has been named senior vice president of Best Buy and president of Online and Global e-Commerce, effective Oct. 8, 2012.
Editor's Note: The following is a Best Buy press release. In a move designed to bolster its ability to offer consumers a world class multi-channel shopping experience, Best Buy today announced that Scott Durchslag has been named senior vice president Best Buy and president Online and Global e-Commerce, effective October 8, 2012. In this role, Durchslag will take the helm of BestBuy.com, the world's 11th largest online retailer. Durchslag will report to Stephen Gillett, president Digital, Global Marketing and Strategy. Durchslag will lead the company's overall strategy to advance Best Buy's global e-commerce vision, retail multi-channel capabilities and online business development. He will be responsible for all of Best Buy's global e-…
Friday, September 14, 2012
The move is an effort to reverse slumping sales.
- On Kare 11
Friday, September 14, 2012
Friday, August 17, 2012
Founder Dick Schulze sent a formal letter to the company's board of directors Aug. 16.
After recently announcing his intentions to purchase the company and take it private, Best Buy founder and former chairman Dick Schulze sent a letter to the company's board of directors Thursday. In the letter he asks for permission to form a group to conduct due diliegence so that he may make a fully financed purchase offer for the company: Ladies and Gentlemen: This is a critical time for Best Buy. The decisions that you make over the next few days and weeks may well determine the fate of this great company. As such, the Board has a duty to ensure it is fully informed about all available options as it seeks to achieve the best outcome for Best Buy and its shareholders. On August 6, after repeated requests to the Board to provide me with …
Monday, June 11, 2012
Best Buy announces the first two of five Minnesota stores to close.
After announcing in April that it would close five stores in Minnesota, Best Buy announced the Edina and Brooklyn Center stores would be the first to close their doors on June 21. "This was not an easy decision to make," the company said in a press release. "[We] are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way." According to the Star Tribune, workers will be paid until Aug. 8 and are being considered for other jobs within the company. If those employees do not receive or take a new position at Best Buy, a severance package will be given. A total of 50 stores across the country are slated to close by fall. The other three Minnesota stores …
Thursday, May 17, 2012
Brian Dunn resigned as CEO on April 9 amid a personal conduct investigation and shortly after the company announced it would be closing 50 stores.
Former Best Buy CEO Brian Dunn is set to receive a $6.6 million severance package. According to CBS Local, the payout includes a 2012 bonus of $1.1 million, stock grants of $2.5 million, a severance payment of $2.9 million and more than $100,000 for unused vacation. The amount is more than double the $3.2 million Bloomberg Business reported earlier this month. The severance announcement came shortly after Best Buy's audit committee released a three-report on its investigation into Dunn's alleged relationship with a female staffer. The committee determined that Dunn had acted inapproriately, however, there was no misuse of company money. The company's found Richard Schulze announced he would step down as chairman after the investigation …
Saturday, April 14, 2012
The company announced 42 more U.S. stores will close by the end of summer.
After Best Buy announced it would close 50 stores March 29, the company released the remaining 42 store locations Saturday that are set to shutter. Hours after annoucing the planned closures, five Minnesota store locations were disclosed first, followed by on in San Antonio. Two stores, one in Kansas City, MO and Scottsdale, AZ, have already closed this year. According to a Best Buy press release, three of the 42 stores remained open Saturday, while the others were closed, however they will reopen Sunday. The company anticipates closing the majority of those 42 stores by May 12, with all others closing sometime this summer. Seven stores in California, six in Illinois and three in Virginia are among those scheduled to close. In the midst of…