New York — The Anti-Defamation League’s National Consumer Technology Industry divisio
UPDATED! Richfield, Minn. — Samsung will leverage the traffic in Best Buy stores by rolling out dedicated boutiques for its cellphones, tablets, laptops, cameras and accessories.
By early May, 900 Best Buy and Best Buy Mobile specialty stores will feature the Samsung Experience Shop, with the remainder launching by early summer, Best Buy announced.
The shops enable consumers to interact with and buy Samsung’s mobile products “and experience how the devices connect together to enrich their lives,” the retailer said.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
A number of experiments are currently underway by big-box chains to leverage their real estate and ally with Internet companies to better compete with e-tailers.
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.