Best Buy joins crowded computer tablet market

Next month, Richfield-based Best Buy will start selling its own Android-based tablet called Insignia Flex, Reuters reports. The new tablet is expected to be priced between $240 and $260. It will feature a 9.7 inch screen, a dual-core 1 GHz processor and a front-facing camera. Insignia Flex will be exclusively at Best Buy stores on November 11.
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Next month, Richfield-based Best Buy will start selling its own Android-based tablet called Insignia Flex, Reuters reports. The new tablet is expected to be priced between $240 and $260. It will feature a 9.7 inch screen, a dual-core 1 GHz processor and a front-facing camera. Insignia Flex will be exclusively at Best Buy stores on November 11.

Best Buy's new tablet computer will go toe-to-toe with Apple's iPad, Microsoft's new Surface, Amazon's Kindle, Barnes & Noble's Nook and Google's Nexus device.

Apple is also expected to introduce its "iPad mini" next week, according to MacRumors.com.

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Best Buy's new boss starts retail gig

Hubert Joly, Best Buy's new new president and CEO, officially joined the troubled Richfield-based consumer electronics giant on Tuesday, the Star Tribune reports. Joly, a native of France, is the first chief executive officer at Best Buy recruited from outside of the company. He most recently led the Minnetonka-based hospitality and travel company Carlson. Joly will begin his new role at Best Buy on the sales floor of several stores in the Twin Cities metro. He tells Reuters, "I want to not learn our businesses from the headquarters. I want to learn from the front line."

Best Buy drops ALEC membership

Richfield-based Best Buy is among the latest group of companies to withdraw its membership with American Legislative Exchange Council, MPR reports. ALEC says it is a bipartisan organization, but the policies it supports and its membership tend to be conservative.

S&P puts Best Buy's debt on credit watch

Standard & Poor's says the Richfield-based company needs to make changes to its business model to improve performance. Last week Best Buy unveiled plans to close 50 big-box stores, including five in Minnesota.

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.

Best Buy warns sales will be down in Q3, pair of executives plan to exit

Best Buy has announced a new leadership organization for its U.S. operations, including the departure of Mike Vitelli, president of Best Buy's U.S. business, according to a news release. He who will retire in February. Executive Vice President of U.S. Operations Tim Sheehan will also leave the Richfield-based retailer at the end of October. Best Buy also gave a dismal preview of its third-quarter figures.

Best Buy second-quarter earnings plunge 90 percent

Richfield-based Best Buy says its second-quarter net income fell 90 percent as the big-box electronics chain logged restructuring charges and saw sales continue to decline. Best Buy also withdrew its earnings view for the year. The company says it earned $12 million, or 4 cents per share, in the quarter ended Aug. 4 -- compared with $128 million, or 34 cents per share.

Best Buy gives Schulze green light to pursue buyout

Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.