All Articles Tagged Best Buy

Steve Crowe | 05/14 07:52 AM, 1 Comment

Best Buy has announced that founder Richard Schulze is stepping down as chairman after an investigation found he knew former CEO Brian Dunn was having a relationship with a female employee and did not alert the audit committee. Schulze's departure as chairman will be effective June 21. Schulze, who has been with Best Buy since its inception in 1966, will be replaced by Hatim Tyabji, chairman of its audit committee. Best Buy says the board's decision is based on Schulze's failure to act when he discovered Dunn was having a… View this story

Steve Crowe | 05/03 07:35 AM, 1 Comment

Best Buy's chief marketing officer, Barry Judge, has resigned from the world's largest big-box electronics retailer. This is the third major executive Best Buy has lost since March 2012. Best Buy spokesman Greg Hitt says Judge, who was named head of marketing in Feb. 2008, "is leaving the company to explore the next chapter in his career, while Best Buy is taking advantage of the opportunity to leverage the skills and experiences of additional senior leaders." Judge guided Best Buy's $1 billion-a-year advertising and marketing efforts, including its Super Bowl… View this story

Jason Knott | 05/01 05:09 AM, 13 Comments

Everyone hates Goliath, especially when you are David. It’s why in sports so many fans despise teams like the New York Yankees and the Duke men’s basketball program. In business it’s Donald Trump. In tech it was Microsoft (will Apple be next?). At some point it becomes a herd mentality. We hate the big guys … the winners. (I personally don’t like those sports teams either, but that is beside the point.) For many years now, Best Buy has been the Yankees and the Blue Devils combined. Its staff already… View this story

Jason Knott | 05/01 05:07 AM, 0 Comments

There is an adage that “It takes money to make money.” In the case of the largest companies on this year’s CE Pro 100 list, that is certainly true. It’s how they use that money that’s intriguing. Best Buy’s Geek Squad/Magnolia/AudioVisions integration divisions (total estimated $680 million in integrated systems revenue in 2011) couldn’t be more opposite in their business models than big security-based players ADT (estimated $162.5 million) and Vivint (verified $51.14 million), but both methods succeed. The common denominator is that all three have extremely strong financial backing.… View this story

Jason Knott | 05/01 05:06 AM, 3 Comments

A first glance at this year's CE Pro 100 might lead an outsider to think custom installation is no longer a cottage industry of entrepreneurs. For the most part, that conclusion would be wrong, even though some very large companies are now in the business of installing home automation and home theater systems. When the CE Pro 100 was introduced 14 years ago, the largest company on the list did $5 million in installation revenues. My how things have changed! In 2011, there are 35 companies on the list with… View this story

Jason Knott | 04/26 12:23 PM, 3 Comments

Everyone is aware of Sears' struggles. The iconic retailer with 2,300 retail locations is closing hundreds of stores to stay alive. Now, it has stolen a page from Best Buy's playbook with the launch of its "new and innovative" Scrubology store-within-a-store plan that targets healthcare workers. Sears will put 91 Scrubology stores inside Sears and Kmart locations in conjunction with Work ’N Gear, a retail chain specializing in work apparel and uniforms for professionals in industrial, service and healthcare fields. Thirty-nine Scrubology “stores” have been opened to date and an… View this story

Jason Knott | 04/18 09:02 AM, 5 Comments

Control4 is now shipping its HC-250 Controller (MSRP $599), a one-room home automation and home theater solution. At the same time Control4 is taking orders from its 2,000 custom dealers worldwide, it is also rolling out the new controller in 280 Magnolia Home Theater stores inside Best Buy nationwide with a special $50 off promotion on all its controllers with purchase of a wireless thermostat, switch or dimmer. Control4 has been selling its products through Magnolia since October 2010. Control4 CEO Martin Plaehn says Control4 worked closely with Magnolia's IT… View this story

Steve Crowe | 04/11 12:34 PM, 17 Comments

With the recent resignation of CEO Brian Dunn and the $1.7 billion loss in its fiscal fourth quarter, to some pundits the future looks grim for Best Buy's retail business. While some are saying Best Buy is getting what it deserves, not all in the custom install world want to see Best Buy become the next Circuit City. Richard Glikes, a 35-year industry veteran, founder of buying group Azione Unlimited and former executive director of the Home Technology Specialists of America (HTSA), says integrators will end up regretting a Best… View this story

Steve Crowe | 04/10 07:02 AM, 21 Comments

Best Buy CEO Brian Dunn has resigned, the big-box retailer announced. Best Buy says the decision was a mutual agreement and there were no disagreements with Dunn about operations, financial controls, policies or procedures. G. Mike Mikan, a Best Buy director since April 2008, has been named interim CEO while a search for a new CEO is underway. “I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future," said Dunn, who was named CEO in June of… View this story

Julie Jacobson | 04/09 04:01 PM, 1 Comment

Update (April 10, 10:30 AM): Best Buy CEO Brian Dunn has resigned. Click here to read the story. Best Buy (NYSE: BBY) is telling its shareholders to reject an unsolicited mini-tender offer made by TRC Capital Corp., a company that Investing Daily calls a “mini-tender menace.” TRC is looking to purchase up to 4 million shares, or approximately 1.7 percent, of Best Buy's outstanding common stock at a price of $22.00 per share -- about 4.1% less than $22.95 closing price of Best Buy's common stock on April 4, 2012,… View this story