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For a while, J.C. Penney and Best Buy seemed to be doppelgangers. The two retailers struggled with intensifying competition after years of comfortable stagnation. Beset by Wall Street skepticism and shaky consumer loyalty, each made sweeping attempts at...
Electronics retailer Best Buy Co. is leaving Europe, selling its stake in a partnership with London telecommunications company Carphone Warehouse Group as it attempts to simplify its operations. The Minneapolis chain said Tuesday that the boards of both...
Best Buy founder Richard Schulze is throwing his support behind the current management, returning as chairman emeritus to the electronics retailer he left in a haze of scandal last year and then tried to buy out. Schulze is bringing with him former...
Richard Schulze, Best Buy Co.’s largest shareholder, missed his window this week to attempt a takeover of the electronics retailer. But if its fourth quarter financials are any indication, the struggling company may not need him. Best Buy,...
This post has been updated. See the note below for details.Struggling electronics retailer Best Buy Co. Inc. said Tuesday that it is cutting 400 employees at its Richfield, Minn., headquarters in an effort to save $150 million. Most of the savings won’t come from salaries, according to a company...
Shoppers trod carefully in January, lured into stores by retailers dangling post-holiday clearance deals but spending sparingly to balance out higher payroll taxes and lingering economic uncertainty. Same-store sales at major retailers such as...
Struggling electronics giant Best Buy Co. said holiday sales fell despite strong results online and in U.S. stores. For the nine weeks ended Jan. 5, the Minneapolis-based retailer posted revenue of $12.8 billion, down from $12.9 billion in the same...
Hollywood’s era of plummeting home entertainment revenue is finally over. After seven straight years of falling returns driven by the collapse of DVD sales, Americans in 2012 spent more money watching movies at home than they did the previous year,...
Struggling Best Buy Co. has agreed to give founder and former chairman Richard Schulze more time to make a takeover bid for the electronics chain. The agreement allows Schulze, the company's biggest shareholder, to wait until the end of the holiday...
Best Buy Co. reported a significant third-quarter loss Tuesday as the electronics giant struggles with slumping sales and heavy restructuring costs. The Richfield, Minn.-based retailer has been fighting to turn around a steady erosion in its business...
Richard Schulze has offered $24 to $26 a share to buy Best Buy, the teetering electronics retailer he founded in 1966 and helped run for decades before being elbowed out in a scandal this spring. Schulze is already the Minnesota company’s largest...
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