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Print 22 comment(s) - last by KOOLTIME.. on Jun 13 at 2:03 PM


  (Source: laughingsquid.com)

Richard Schulze  (Source: msnbcmedia.msn.com)
He is also looking at possible options for his 20.1 percent stake in Best Buy

Best Buy’s chairman and founder has resigned one year ahead of schedule as the brick-and-mortar electronics store struggles to keep its head above water.
 
Richard Schulze, 71, chairman and founder of Best Buy, resigned from his position yesterday and it is effective immediately. He was originally scheduled to resign in June 2013, but has decided to leave ahead of time.
 
“There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today’s customers and building pathways to the next generation of consumers,” said Schulze. “Accordingly, I have shared my views with the board and today informed them of my decision to resign as Chairman and a director, effective immediately, in order to explore all available options for my ownership stake.”
 
At Best Buy’s annual meeting last month, the new succession plan was laid out for June 2013. It was announced that Schulze would be replaced by Hatim Tyabji as chairman, but the transition wasn’t supposed to take place until June 2013. It is unclear why Schulze resigned early.
 
Schulze’s resignation comes amidst an investigation into Best Buy’s former CEO Brian Dunn, who has been accused of misusing company funds while conducting a relationship with a female subordinate. Dunn resigned from CEO in April.
 
To make matters worse, Best Buy recently posted a $1.7 billion quarterly loss. Also, in late March, Best Buy said it would close 50 of its 1,100 retail stores in order to save $800 million.
 
Schulze will be looking into other options for his 20.1 percent stake in Best Buy.

Source: Yahoo



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Fantastic
By spread on 6/8/2012 7:43:30 PM , Rating: 5
Best Buy should close the rest of it's stores to save even MORE money!




RE: Fantastic
By Brandon Hill (blog) on 6/8/2012 7:53:33 PM , Rating: 3
They're good for something every once in a while. For example, they had the Logitech Harmony One universal remote for $49.99 this morning.

However, deals like that are few and far between.


RE: Fantastic
By EnzoFX on 6/8/2012 8:36:45 PM , Rating: 3
Sadly those are just to get people in the store. What people need is overall competitive prices.


RE: Fantastic
By 1ceTr0n on 6/8/2012 11:17:32 PM , Rating: 2
Not to mention more then just tweenagers staff that give no better advice then whats on the damn box or what they read on the internet.

I've seen guys at my local Best Buy spend more time trying to hit on the cute girls working at the cashier stand then helping customers. No, im not joking


RE: Fantastic
By Samus on 6/11/2012 12:04:41 PM , Rating: 2
I had a raid controller fail last night, turned out to be a capacitor in a filtering circuit. Other than being slightly raised from the underside by the rubber insulator, it appeared ok, but after testing with a multimeter, the circuit wasn't putting out any voltage so internally the cap completely failed.

6.3vDC/1500uF. Radioshack, Fry's, Microcenter, even a local electronics store had no exact match.

This doesn't have a lot to do with Best Buy, but my point is, even when cost is no issue these stores can't help you even when it comes to locating what I feel is a pretty common part on virtually every PC motherboard (which is where I eventually sourced the 'donor' capacitor from)

With the quality of capacitors, or lack there of, I don't think it should require an overnight delivery from an online vendor to obtain them.


RE: Fantastic
By ppardee on 6/11/2012 4:42:26 PM , Rating: 2
Did you really need an exact match? I've always been under the impressions that caps are like hand grenades (especially if you wire them backwards) just get them near the target.

You have to consider the market. Most people don't know what a cap is. Most of those who do don't know how to test it. Most of those who do don't know how to replace it. Most of those who do aren't going to take the time to do it when they can just replace the board. In my view, if one cap has failed, the rest are sure to follow suit shortly. I just upgraded my system and found that about 90% of the electrolytic caps on my existing board were bulging.

Anyway, my point is that there are very few individuals who need individual components anymore. I used to manage a Radio Shack and I HATED the components section. They had low profit margin, where easy to shoplift, difficult to inventory and didn't get much turnover. It just isn't worth it for a brick-and-mortar store to carry them.


RE: Fantastic
By KOOLTIME on 6/13/2012 2:03:10 PM , Rating: 2
Its super tough to have competitiveness prices online vs the high over head brick and mortar stores have to endure. How to get pricing when online only needs to have a warehouse with minimal overhead, and retail stores have such huge overhead. The entire industry is going that way not just best buy.

Look at circuit city and most retail stores will be closing due to online, as retail the biggest issue with store front is commercial realestate pricing is whats putting most of them out of business.

Checked a recent retail store 1200sqft, wanted 5000 a month for it, thats more then twice what most will pay for a twice that size home mortgace space. SMall businesses cant keep up with that pricing wil low retail sales in todays market.


RE: Fantastic
By Reclaimer77 on 6/9/2012 11:31:58 AM , Rating: 2
Have you checked their online store recently? They are getting pretty competitive. Not on everything, but on some stuff I've noticed them beating Newegg.


RE: Fantastic
By inperfectdarkness on 6/11/2012 3:12:34 AM , Rating: 1
but their selection still sucks by comparison, and the brick & mortar experience is VERY much like the newegg.com adds indicate.

it's the same reason home depot's customer service took a nosedive; there's a lack of qualified expertise in the store. the average consumer goes to a store because they have questions about how one SSD differs from another in performance, and they end up with a sales rep who can only tell you the difference between an asus and an acer is the color of the case.

at home depot, micromanagement, clamps on store management's leeway to set wages, and other shiens are what resulted in a lot of former tradesmen (plumbers, electricians, etc) who worked at these stores in their retirement years--to leave. when a customer comes in and wants to know how to install recessed lighting & fish the appropriate cabling, previously the would get an expert to explain it to them. now a days they get a 19-year-old HS reject whose expertise on wiring extends to the crappy cardboard speaker box in his 1985 chevy caprice's trunk.


RE: Fantastic
By MrBlastman on 6/11/2012 11:14:31 AM , Rating: 2
quote:
at home depot, micromanagement, clamps on store management's leeway to set wages, and other shiens are what resulted in a lot of former tradesmen (plumbers, electricians, etc) who worked at these stores in their retirement years--to leave. when a customer comes in and wants to know how to install recessed lighting & fish the appropriate cabling, previously the would get an expert to explain it to them. now a days they get a 19-year-old HS reject whose expertise on wiring extends to the crappy cardboard speaker box in his 1985 chevy caprice's trunk.


That might be where you live but not where I do. Ever since that prick Nardelli was forced out with a 200 million parachute (scumbag), Home Depot has turned itself around at least in my area. I never have a problem finding someone to tell me how to do something where before, just asking for help felt like I was bothering someone.


RE: Fantastic
By inperfectdarkness on 6/12/2012 3:16:01 AM , Rating: 2
yes, there has been a shift back to the way things were. it WAS nardelli's fault--no doubt about that.

amazing what can be accomplished when the focus is on knowledgable service, not the company's bottom line.


RE: Fantastic
By vcolon on 6/10/2012 12:36:30 AM , Rating: 2
Once you know, you NEWEGG.COM


How Can BB Compete with Amazon...
By Cypherdude1 on 6/8/2012 11:22:11 PM , Rating: 5
How can BB compete with Amazon, TigerDirect, Newegg, and the many others now on the 'Net? BB's costs will always be higher. BB's problem has already been mentioned before: People go into BB's brick & mortar, look over the TV models they like, then order through the 'Net. BB has become an unpaid showroom for the 'Net.

Fry's is BB's direct competitor. Fry's has great deals on laptops, TV's, etc... If you want to pick up an excellent laptop, you wait for it to go on sale at Fry's and get 30%-50% off.




By spread on 6/9/2012 12:56:33 AM , Rating: 5
Best Buy doesn't even have the products I want. Whenever I walk in I think to myself, "why am I here again?"

Most of the stores are a maze, they don't have products I want to buy and the salespeople aren't there to help me but tell me lies and sell me a service plan because they're uneducated bufoons hired by uneducated bufoons.

Their only redeeming features are non-existent. Best Buy has absolutelly no advantages compared to TigerDirect, Amazon and Newegg. None at all.


By DiscoWade on 6/9/2012 6:28:21 PM , Rating: 4
Any B&M will have a difficult time competing on price with online stores because online stores have less overhead and less problems with theft. Since they can't compete on price, at least they can compete with good customer service. But BB doesn't do that either.

I am still convinced that my local BB closed down because they didn't sell enough extended warranties. I bought a laptop from them, I was only asked once for an extended warranty with no pressure at all. My dad bought a TV there and he was fooled into getting an extended warranty, so I had him cancel it, and they did without any attempt to change his mind. I know someone who bought a laptop at a far less busy BB 20 minutes away, because the local BB had already sold out of the laptop she wanted, and was repeatedly pressured into buying an extended warranty. It soured her on BB completely. A quick search on consumerist.com reveals how much BB pushes extended warranties. BB is run by people who only look at profit margins and not at what it takes to make customers want to shop at your stores.


RE: How Can BB Compete with Amazon...
By abzillah on 6/10/2012 3:09:51 AM , Rating: 2
I disagree with you. Yes, some people do go into BB or Fry's to look at stuff and buy it off the net, but many people also go into the store to buy goods. It's so much better to be able to buy something and if there is a problem with it, have a place to return it to.
Money can be made from brick and mortar stores. Best Buys just needs to find a way to get people to buy from them, either from their store or through their online store.
I blame the current situation of BB on poor management decisions.


RE: How Can BB Compete with Amazon...
By DN23 on 6/10/2012 4:49:18 PM , Rating: 2
@Abzillah, you bring up a good point. Bestbuy is missing a large advantage they have over the Online Companies. I purchased a 55" Sony LCD that developed a blue colored hue in one corner of the screen. I called Bestbuy and explained the situation to them. They dispatched a team of technicians and replaced the screen. They did caution me to buy Samsung next time as their customer service is much more friendly. Had I bought online, I would have been on my own. Capturing that in a commercial would be a great way for BB to market themselves. Especially to non-tech savvy Baby-boomers. I find the Warranty push equally annoying, but that is part-in-parcel of shopping in a 'big-box' store. They could easily turn their fortunes around if they could focus on customer service!


NewEgg...
By eek2121 on 6/11/2012 8:44:00 AM , Rating: 2
A lot of people have been mentioning Best Buy beating NewEgg. Not trying to troll or anything, but Amazon usually beats NewEgg. I usually find the item i want on NewEgg and then buy it on Amazon.

Best Buy could easily take a more aggressive approach to pricing. The local Microcenter in my area has all the stuff that Newegg does, and does so while matching prices with newegg/amazon. They are usually packed as a result.




RE: NewEgg...
By cknobman on 6/11/2012 12:18:54 PM , Rating: 2
I think its about 50/50 for Amazon beating NewEgg.

It just comes down to whats on sale at the particular time your ready to buy. Now that NewEgg is getting bigger their prices are no longer the lowest on everything and you have to pay attention to what your buying.

Still in general NewEgg is a great and affordable place to buy. But from time to time they do loose my business to Amazon due to lower prices.


ReDesign themselves
By rickon66 on 6/9/2012 11:21:16 AM , Rating: 2
They need to close about 800-900 stores and become more like Fry's or Micro Center. Instead of locations in every neighborhood, the need to have only a few stores per urban area and deal in low prices with a lot of volume. They also need to realize that their constant harping on extended warranty sales has been driving customer away from their stores. They ONLY look at short term profits and ignore customer loyalty and service for the long term.




By johnsmith9875 on 6/11/2012 1:19:03 PM , Rating: 2
EVERYTHING they have on sale is sold out or isn't restocked regularly, but they got plenty of expensive alternatives on the shelf!

Come on Best Buy, even Wal-Mart can keep stuff in stock, even sale items.




By Galcobar on 6/11/2012 6:47:31 PM , Rating: 2
May 15, 2012:
http://www.dailytech.com/Best+Buy+Chairman+Resigns...

quote:
Best Buy co-founder Richard Schulze has resigned from his position as chairman effective June 2012


Followed the board finding Schulze covered for former CEO Brian Dunn's inappropriate relationship with an employee.




"If a man really wants to make a million dollars, the best way would be to start his own religion." -- Scientology founder L. Ron. Hubbard














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