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Best Buy prepares to close many of its big box stores

Last Wednesday, Brian Dunn stepped down from his position as CEO of Best Buy. Initially, most speculated that Dunn was forced out due to the poor performance of the company under his tenure. Later in the day, however, we learned that Dunn only stepped down after an internal investigation found out that he "misused company assets" while having an improper relationship with a female employee.
 
This latest drama surrounding Best Buy came shortly after the company announced that it was closing 50 stores in an effort to save $800 million dollars. The company has already closed two of the 50 stores, and notified six others that they would be closing.
 
Yesterday, the company revealed the list of the remaining 42 stores that will be closed. Best Buy expects that most of the stores will permanently shut their doors to customers by May 2.
 
The company issued the following statement:
 
This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.
 
We will be working to help these employees find other positions inside Best Buy. If they don’t find new positions, or if they choose not to work at a different location, a transition including severance packages will be available.
 
You can view the full list of stores that will close here.

Sources: Best Buy, Wall Street Journal



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Prices
By Flunk on 4/16/2012 9:28:53 AM , Rating: 2
I live in Canada so this may not apply but I find that I never buy anything at Best Buy anymore because of the prices.

Best Buy's prices used to be a little higher than online or discount computer suppliers but now it's just ridiculous. They sell peripherals for double they price of their competitors and everything else has a steep markup.

I sometimes go in Best Buy now but I never buy anything because I always price compare everything and I'm not paying a 40% premium (or in a case of some things like HDMI cables a 1000% premium).




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