Tuesday, February 26, 2013
The company said there are more cuts coming over the next year.
Richfield's Best Buy implemented its first phase of 2013 cost cutting measures Tuesday when it announced 400 headquarter jobs were being cut. According to a company statement, the cuts will save $150 million and is just the first phase of the $725 million cost-cutting plan announced last fall. The cuts do not affect retail store employees, known as Blue Shirts, or include any store closings. More cuts will likely be announced after the company reports its fourth quarter earnings. Best Buy's top executive layer was also eliminated in October 2012. The following statement was released by Best Buy: Best Buy Co., Inc. (NYSE: BBY) today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 …
Friday, June 22, 2012
Mike Mikan said the company is committed to change at the annual meeting Thursday.
During Best Buy's annual shareholder meeting Thursday, interim CEO Mike Mikan said while the company had a lot of work to do, it was "on track" to meet its annual plan. According to MPR, Mikan promised shareholders aggressive cost-cutting initiatives over the next couple years and more innovation, recognizing the company was slow in responding to changes in the market. The company has lost sales to Amazon.com and Apple Inc. and Mikan believes improving the in-store and online shopping experience is necessary. In addition, like the Richfield flagship location, many stores will be downsized. "Total square footage will go down as we make decisions about the best use of resources," Mikan said. "But as we assess opportunities, our total number …
Tuesday, April 10, 2012
The company is currently looking for a permanent replacement.
Last Updated: April 10, 2012 at 9 p.m. Hours after announcing the resignation of its CEO, Brian Dunn, a Best Buy spokesperson said his personal conduct was under investigation prior to his departure. "Certain issues were brought to the board's attention regarding Mr. Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated," Claire Koeneman, Best Buy spokeswoman who works for H+K Strategies, said in an e-mailed statement Tuesday. "Prior to the completion of the investigation, Mr. Dunn chose to resign." Dunn, who was with the company for 28 years, began as a sales associate. *** (Original Text) Less than two weeks after Best Buy announced it would close 50 …
Saturday, March 31, 2012
Ulta, a beauty supply retailer, is reportedly taking over the remaining space.
After announcing it would close 50 U.S. stores Thursday, Richfield-based Best Buy will also downsize many remaining stores as part of its new "Connected Stores" format. The Richfield location and the Shops at Lyndale is one of the stores slated for the change. The Minneapolis/St. Paul Business Journal reported beauty retailer, Ulta, would take over the vacated space and moving from its Southdale Mall location. A exact date for the move wasn't given. The "Connected Stores" model is a redesign of the company's current big-box concept. Stores, like Richfield's, will be trimmed down and focus on portable electronics—such as tablets and e-readers—and feature a central knowledge desk where people can get things like wireless plans for cell …
jamzie
1:48 am on Monday, August 13, 2012
i as showrooming online price higher than store! i want hp laptop, phillips tv, not in store , 2 blocks from me! i can drive 10/20 miles to get what i whant, but not! so s more ›