Best Buy Creates New Retailing Oversight Unit

Consumer electronics retailer Best Buy Co. said it has created a new management structure called Best Buy Enterprise to oversee its retail operations, including those from recent acquisitions. Best Buy retail stores, Musicland Group, BestBuy.com and Magnolia Hi-Fi will comprise Best Buy Enterprise. The combined businesses are expected to generate about $20 billion in revenue in fiscal 2002, up from an estimated $15 billion in fiscal 2001. Best Buy President Brad Anderson, will take on the added role of vice chairman, as well as chief operating officer for Best Buy Enterprise. Shares of Minneapolis-based Best Buy fell 9 cents to close at $43.60 on the New York Stock Exchange.