With buyout blues behind it, Best Buy focuses on turnaround

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Best Buy's new chief executive officer calls this "a year of transition" now that the drama over a potential buyout bid has ended for now. Founder Richard Schulze had until last Thursday to submit a formal offer to take the company private.

CEO Hubert Joly tells the Pioneer Press that the consumer electronics giant will focus on improving its website, boosting sales and cutting costs to revive the struggling retailer.

"I don't take pride in eliminating jobs, that's not what we're here for," Joly said in an interview. He said trimming the workforce is a last resort.

The company announced Monday that it is phasing out its flexible work program that allowed corporate workers to telecommute a few days a week, Minnesota Public Radio reports.

“Bottom line, it’s ‘all hands on deck’ at Best Buy and that means having employees in the office as much as possible to collaborate and connect on ways to improve our business," Best Buy spokesman Matt Furman told the Star Tribune.

The move comes about a week after it eliminated 400 jobs at its headquarters in Richfield, Minn., to help save the company $150 million.

Best Buy also reported better-than-expected fourth-quarter earnings last Friday. The company said it cut its loss to $409 million — substantially less than the loss of $1.82 billion a year earlier.

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