San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Minneapolis — Best Buy and its founder Dick Schulze announced today that he is returning to the company as its chairman emeritus, almost a year after he exited the retailer as its chairman.
In addition, Schulze has nominated former CEO Brad Anderson and former president Al Lenzmeier to serve on the Best Buy board, pursuant to a previously disclosed agreement between the chain and Schulze.
Minneapolis — George Sherman, who oversees Geek Squad as Best Buy’s services senior VP, is leaving the company after nearly four years in that role.
Best Buy did not disclose his departure date or a successor, the Minneapolis Star Tribune reported.
Englewood Cliffs, N.J. — LG Electronics USA, Learfield Sports and Best Buy have joined forces on a new promotion aimed at connecting with millions of collegiate hoops fans and campus communities leading up to the 2013 NCAA Division I Men’s and Women’s Basketball Championships.
Burnaby, British Columbia — Best Buy has promoted Ron Wilson to president/CEO of its Canada operations.
He succeeds Mike Pratt, a 24-year veteran of the Canadian group’s Future Shop chain, who reportedly left for a top U.S. retail post with a Bain Capital property.
Wilson was merchandising and e-commerce senior VP since 2008 for Best Buy Canada, and previously managed several other functions within Best Buy Canada, including merchandising, operations and marketing.
Minneapolis – Best Buy confirmed today that founder Dick Schulze failed to submit a qualified buyout bid for the company before a Feb. 28 deadline, and that its directors blocked his 11th hour effort to gain an additional seat on the board.
On an earnings call this morning, CEO Hubert Joly noted that “Yesterday was, of course, a deadline for Dick to make a qualified offer and no such offer was received.”
Minneapolis – Best Buy reported slightly higher corporate revenue and a reduced net loss, as well as a 0.9 percent increase in domestic comp store sales in its fiscal fourth quarter ended Feb. 2.
Revenue was $16.711 billion for the quarter, slightly higher than the prior year’s $16.671 billion. Net loss attributable to Best Buy shareholders was $409 million, a sharp drop from the $1.81 billion loss of a year earlier.
The domestic comp store gain of 0.9 percent for the quarter was in comparison to the prior year’s 1.1 percent drop in comp store sales.
Minneapolis – Best Buy founder Dick Schulze is angling to regain his chairman’s post in lieu of buying out the business.
According to the Minneapolis StarTribune, Schulze is now looking to increase his control over the company without taking on billions in debt by upping his 20 percent stake in Best Buy and bringing an ally into the boardroom.
Minneapolis — Best Buy has delayed its fourth-quarter and full-year earnings announcement until Friday.
A company spokesman told the Minneapolis-St. Paul Business Journal that the 24-hour delay is intended to give former chairman Dick Schulze the full day to submit a buyout bid by the Feb. 28 deadline.
The cutoff is the third extension granted to Schulze by the board, who announced his intentions last summer to take the company private.