Quick Note: Best Buy Offers Up Full List of Store Closings
April 15, 2012 4:12 PM
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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
Wall Street Journal
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Best Buy Needs to Become More Like Costco--Fewer Larger Stores
4/16/2012 10:33:55 AM
At first this may seem counter-productive to what they're trying to do, but it's not. Best Buy has stores and probably warehouses. They need to consolidate stores and warehouses into Costco-like facilities where there are fewer sales associates and the front of the store is an area where they can try before they buy. The rear of the store is the warehouse where they ship online orders from. There would be no need to send delivery trucks to hundreds of stores, because everything is there. You can order online and pick it up from the Best Buy Warehouse. They can also include a membership service ($60 a year or so) where members get the absolute "best buy" on a product--online-level prices, free use of electric charging stations, exclusive access to Black Friday deals, etc.
I would also expand Geek Squad to offer IT Services mainly for SMBs. Times are changing and they need to respond to that change with drastic measures.
This would mean that Best Buy would have to phase out all of their stores and warehouses and build several new facilities that are slightly smaller than a warehouse and much larger than their stores.
"Let's face it, we're not changing the world. We're building a product that helps people buy more crap - and watch porn." -- Seagate CEO Bill Watkins
UPDATED: Best Buy CEO Resigns, Company Now Citing "Personal Conduct" for Departure
April 10, 2012, 1:02 PM
Best Buy Reports Earnings, Announces the Closing of 50 Stores
March 29, 2012, 1:26 PM
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