Suppliers Tell of Late Payments by Best Buy: Two large suppliers to Best Buy Co. said the discount electronics retailer is seeking to postpone payment on its bills for up to 60 days. The suppliers, which said they are owed millions of dollars by Best Buy, said the chain asked last week for an extension on about 50% of its payments. Minneapolis-based Best Buy had no comment. According to industry sources, Best Buy ordered too much inventory for the holiday season and was left with a backlog of unsold goods after sales fell short of expectations during December. Last week Best Buy reported that sales at stores open at least a year rose just 3% in December. The stock of Best Buy closed unchanged at $13.25 on the New York Stock Exchange, one day after closing at its weakest level in more than two years.
Times Staff and Wire Reports
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