Content about Best Buy Co.

October 4, 2013

A recent string of media reports has focused on major retailers that track customers who return merchandise. While the plaintiffs’ bar and the media are seeking to transform return monitoring into a headline-grabbing consumer privacy issue, the practice is hardly new, it is certainly justified as an anti-fraud measure and any litigation or compliance risk should be mitigated by appropriate disclosures.

A recent string of media reports has focused on major retailers that track customers who return merchandise. While the plaintiffs’ bar and the media are seeking to transform return monitoring into a headline-grabbing consumer privacy issue, the practice is hardly new, it is certainly justified as an anti-fraud measure and any litigation or compliance risk should be mitigated by appropriate disclosures.

April 30, 2013

Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.

MINNEAPOLIS — Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.
 
Best Buy Co. will also pay Carphone 29 million pounds (about $45 million) related to existing agreements that will be terminated when the deal closes. The U.S. retailer also said that it will incur an approximately $200 million asset impairment charge related to the stake sale.
 

February 27, 2013

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.

January 2, 2013

ESL Investments has appointed G. Mike Mikan as its new president. Mikan will report to Edward S. Lampert, founder, chairman and CEO of ESL Investments.

NEW YORK — ESL Investments has appointed G. Mike Mikan as its new president. Mikan will report to Edward S. Lampert, founder, chairman and CEO of ESL Investments.

Mikan held various executive positions throughout a 14-year period at UnitedHealth Group, including serving as EVP and CFO, as well as CEO of its Optum subsidiary. Mikan has served on the board of directors of Best Buy Co. since 2008. He was appointed Best Buy’s interim chief executive in April 2012, and served until September 2012.

March 29, 2012

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.

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.

November 7, 2011

MINNEAPOLIS — Best Buy Co. said Monday it is buying out its joint venture partner, Carphone Warehouse Group PLC, in its fast-growing North American mobile business for $1.34 billion. As part of the reorganization of its relationship with the U.S. consumer electronics giant, Carphone Warehouse will shutter the 11 pilot big-box Best Buy stores it opened last year in the United Kingdom.

October 26, 2011

Best Buy Co. announced Tuesday that it will waive the minimum purchase limitations and offer free shipping on its complete inventory of 400,000 website items from Nov. 1 through Dec. 27.

MINNEAPOLIS — Best Buy Co. announced Tuesday that it will waive the minimum purchase limitations and offer free shipping on its complete inventory of 400,000 website items from Nov. 1 through Dec. 27.

"Consumers are looking for value, service and savings this year, and our goal is to provide them with convenient, creative and less costly ways to make the holiday shopping experience more enjoyable," said Barry Judge, executive VP and CMO, in a statement.

September 28, 2011

While other retailers are beefing up their sales staff ahead of the holiday season, Best Buy Co. said Tuesday that it has cut its 2011 seasonal hiring plans to about half of last year’s staff numbers, in a move to curtail costs.

MINNEAPOLIS — While other retailers are beefing up their sales staff ahead of the holiday season, Best Buy Co. said Tuesday that it has cut its 2011 seasonal hiring plans to about half of last year’s staff numbers, in a move to curtail costs. This year’s plans call for 15,000 holiday workers, compared with 29,000 hired last year.

August 8, 2011

Best Buy Co.’s Best Buy Express plans to add nearly 100 kiosk locations in the next year spread over a variety of new channels.

MINNEAPOLIS — Best Buy Co.’s Best Buy Express plans to add nearly 100 kiosk locations in the next year spread over a variety of new channels.

The division has opened 150 Express locations in three years, and said it is adding two locations at Downtown Disney District in Anaheim, Calif., and multiple locations at college campuses, events and ferry hubs this year.

June 15, 2011

The Retail Industry Leaders Association, the International Council of Shopping Centers and Paladino and Co., announced Tuesday a collaborative discussion among retailers and commercial shopping center developers to bridge the current landlord and tenant divide that exists around creating sustainable, energy-efficient retail stores in the United States.

WASHINGTON — The Retail Industry Leaders Association, the International Council of Shopping Centers and Paladino and Co., announced Tuesday a collaborative discussion among retailers and commercial shopping center developers to bridge the current landlord and tenant divide that exists around creating sustainable, energy-efficient retail stores in the United States.

Participants in the June 9 roundtable included Wal-Mart, Petco, Ann Taylor, Target, VF Corp., Best Buy, Westfield, Vornado and Kimco, among others.

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. However, adjusted results beat Wall Street expectations.

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 14, 2011

Best Buy Mobile, the mobile specialty retail unit of Best Buy Co., announced that it is extending the offer to “future proof” smart phone purchases for free through Feb. 26 in all Best Buy and Best Buy Mobile standalone stores across the country.

MINNEAPOLIS -- Best Buy Mobile, the mobile specialty retail unit of Best Buy Co., announced that it is extending the offer to “future proof” smart phone purchases for free through Feb. 26 in all Best Buy and Best Buy Mobile standalone stores across the country. As part of this special two-week offer, customers can also receive the Buy Back Program at no cost when purchasing tablets, including the Apple iPad, at Best Buy Mobile standalone stores.