Best Buy
Best Buy Chairman stepping down after CEO probe
Best Buy founder and Chairman Richard Schulze is stepping down after he failed to tell the board that former CEO Brian Dunn had violated company policy by having "an extremely close personal relationship'' with a female employee, the electronics retailer said on Monday.
Best Buy said an investigation by the board had found that the relationship "negatively impacted the work environment,'' but involved no misuse of company resources.
Best Buy plans to close another 42 stores
Best Buy said it will shutter 42 more stores in 20 US states as part of a previously announced plan close a total of 50 of its largest stores in the US.
California, Illinois and Minnesota will be hit the hardest.
The world's largest electronics retailer, whose CEO resigned abruptly last week, said it expects most of the affected stores to close permanently by 12 May.
Best Buy says CEO resigns
Best Buy Co CEO Brian Dunn resigned abruptly on Tuesday amid what the company described as a probe into his "personal conduct," adding to the woes of the slumping consumer-electronics retailer, whose big-box business model is crumbling.
"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," the company said in a statement. "Prior to the completion of the investigation, Mr Dunn chose to resign."
Best Buy plans China growth
Best Buy, the electronics retailer, is ramping up its focus on China, both by opening more stores from its Five Star chain and through leveraging effective strategies proven elsewhere.
The firm has announced plans to cut USD800 million in costs, including closing 50 big box branches in the US. By contrast, China was placed among its four key future priorities, alongside ecommerce, mobile and "connectivity" and offering customer services.
Why mobile shoppers want real-world stores
Mobile shopping is one of the most exciting new developments for retail in years, and "apps" that allow brick-and-mortar-store shoppers to check competing online prices have surged in popularity. While actual mobile-shopping purchase transactions accounted for only 2 percent of e-commerce sales in US in 2011, the Kellogg Shopper Index – a fall survey of 1,400 consumers – found that more than half of in-store shoppers report having occasionally used their mobile devices as a price-comparison tool while in stores.
Best Buy shuffles 2 top executives
Best Buy, fresh off a disappointing holiday season, is shaking up the responsibilities of two long-time executives.
The Minneapolis company said on Monday that Shari Ballard and Mike Vitelli, who had both been president of Best Buy's domestic business, will take on separate jobs.
Ballard, who joined Best Buy in 1993 as an assistant store manager, was named president of the international business, which includes stakes in China, Canada, Mexico and Europe. Vitelli, who joined Best Buy in 2004 after 23 years at Sony Electronics, will continue to lead the US business.
Best Buy plans China re-entry
Best Buy, the largest electronics retailer in the US, plans to re-launch its branded stores in China after closing all nine outlets in February.
"The first step is to reopen its Xujiahui flagship store in Shanghai later this year, probably in December," Wang Jian, vice president of Best Buy and CEO of Jiangsu Five Star Appliance, said at a press conference on Thursday.
Retailers fear becoming Amazon's "showroom"
A Wall Street Journal article in March discussed the market share threat that Best Buy faced from Amazon.com. A growing number of consumers had taken to going to Best Buy to test consumer electronics and then going online to get them at a cheaper price. As Greg Melich of ISI Group and others have pointed out before and since then, Best Buy appears to be in danger of turning into Amazon's "showroom".
Best Buy beats estimates on strong mobile sales
Best Buy beat quarterly profit and sales estimates and backed its earnings outlook for the year, as strong demand for mobile phones, calling plans and tablets offset weakness in its TV business.
The retailer, seen as a bellwether in consumer electronics, said its first-quarter net profit was USD136 million, compared with USD155m a year earlier.
Sales rose 1.4 percent to USD10.94 billion, beating the analysts’ average estimate of USD10.71b.
Nintendo, Best Buy to bring custom downloadable content to Nintendo 3DS owners
Nintendo and retail partner Best Buy are collaborating to give Nintendo 3DS owners customised, automatic wireless access at some 1,000 select Best Buy store locations in the US beginning from 7 June.
Once connected, the service will provide access to a variety of fun content via the system’s built-in Wi-Fi functionality, including the new SpotPass feature. The Best Buy service will also include exclusive offers as well as additional entertainment content such as gaming extras and movie trailers.
