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Experts look for 'bold step' from Best Buy Thursday

Store closings, layoffs, and downsized properties are some of the steps at least two analysts predict Richfield-based electronics retailer Best Buy to unveil. The company is struggling for market share against competitors such as Amazon.
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Store closings, layoffs, and downsized properties are some of the steps at least two analysts predict Richfield-based electronics retailer Best Buy to unveil. The company is struggling for market share against competitors such as Amazon.

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Buyout speculation surrounds Best Buy, Supervalu

The two major Minnesota-based companies have watched stock prices drop dramatically as they struggle to grow sales. Some analysts believe the Richfield-based electronics retail giant and the Eden Prairie-based supermarket operator could be a prime target for cheap leveraged buyouts. The Star Tribune explains...

CEO Brian Dunn resigns from Best Buy

Dunn is stepping down after being with the Richfield-based electronics retailer for nearly 30 years. Best Buy recently announced it was closing 50 stores and terminating 400 corporate jobs. Board member Mike Mikan will serve as interim CEO during the search for a permanent replacement.

Best Buy laying off 2,400 companywide

Best Buy said it is laying off 2,400 employees this week, including roughly 600 members of its Geek Squad customer service unit and another 1,800 store employees. The announcement came Friday as the Richfield-based electronics chain said that the layoffs were part of a companywide restructuring plan announced in March.

Schulze to interview key Best Buy executives

Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.

Best Buy cancels investors meeting in NYC after East Coast storm

Best Buy CEO Hubert Joly will not be outlining his turnaround strategy with investors on Thursday in New York, Reuters reports. The Richfield-based consumer electronics retailer has canceled the meeting with Wall Street analysts while the East Coast recovers from Hurricane Sandy. A new date for the meeting has not been set.

High-profile hedge fund manager dumps Best Buy

David Einhorn, who leads New York-based Greenlight Capital Inc., has sold off his firm's 7.7 million shares, or 2.27 percent stake, in the Richfield-based electronics retailer. The Star Tribune reports Greenlight's losses could approach $100 million. Analysts tell the newspaper Einhorn's decision to exit could help former Best Buy chairman and founder Richard Schulze, who is exploring options for his 20 percent stake in the company, including an effort to take the company private.