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.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Oct 30, 2012

Minneapolis-based Target and Richfield-based Best Buy closed roughly 200 stores on the East Coast because of storm on Monday, MPR reports. Eden Prairie-based Supervalu closed about 20 of its Acme Market stores.

MSN Money reports, Target and Supervalu sent truckloads of bottled water, batteries and other essential items to regional distribution centers in the days before the storm to quickly restock shelves.

The Business Journal reports Minnetonka-based hospitality company Carlson, which owns T.G.I. Friday's and Radisson hotels among other businesses, said it had closed 27 restaurants on the East Coast.

Meanwhile, Wall Street remained dark for the second straight day Tuesday in the wake of Hurricane Sandy, Forbes reports.

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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...

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."

Minneapolis-based Target is teaming up with Richfield-based Best Buy to test a tech-support program. The Denver Post reports more than two-dozen Target stores in the Denver metro will start featuring Best Buy’s Geek Squad agents this fall. One store in the Twins Cities will also take part in the pilot project. The trained technicians will offer in-store gadget repairs to home-theater delivery and installation.

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.

The troubled Eden Prairie-based grocery-store chain is expected to provide prospective buyout firms financial information later this week, the Wall Street Journal reports. Last week, Supervalu hired Goldman Sachs to explore selling either part or all of its supermarket operations after it reported a plunge in quarterly profit.

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