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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.
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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.

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Related

Best Buy relaunches Richfield store

Best Buy celebrates the grand re-opening of its remodeled Richfield store this weekend. The store's size was reduced by 20 percent. Shelf heights are lower. Less merchandise is stored on the sales floor and skylights provide natural light. If it succeeds, the Richfield store could be a model for many of the reeling retail chain's other outlets.

Best Buy shifts 2,000 employees to sales floor

About 2,000 loss-prevention workers at Best Buy are being moved away from store entrances to help sell more merchandise, Bloomberg reports. A spokeswoman with the troubled Richfield-based big-box retailer says no one is being let go.

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."

Target, Best Buy, Supervalu among retailers impacted by Hurricane Sandy

Minneapolis-based Target and Richfield-based Best Buy closed roughly 200 stores on the east coast because of Hurricane Sandy on Monday. Eden Prairie-based Supervalu closed about 20 of its Acme Market stores.

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 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.

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.

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.