Best Buy, Electronics | featured news

Electronics retailer Best Buy Co. is laying off 600 staffers in its Geek Squad technical support division and 1,800 other store workers as it seeks to restructure operations and improve results, the company said Friday.

Richard Schulze, the founder of Best Buy, is exploring putting together a bid to take the struggling electronics retailer private, according to people briefed on the matter. Mr. Schulze, who resigned from the company’s board this month, has been begun working with bankers from Credit Suisse to consider such a move, these people said. They said he would probably team up with a private equity firm or other deep-pocketed investor. With a 20.1 percent stake, he is the company’s largest shareholder.

The company’s founder, Richard Schulze, said he was leaving the board immediately and also said he was looking to sell his 20.1 percent stake in the retailer, worth about $1.3 billion.

Best Buy on Saturday announced the locations of 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company's home state of Minnesota.

Twin Cities-based Best Buy said Tuesday that its CEO, Brian Dunn, has resigned. The electronics company said in a statement that Dunn's departure was in "mutual agreement that it was time for new leadership to address the challenges that face the company."

Best Buy Co reported weaker-than-expected sales for the key holiday quarter, prompting the world's largest electronics chain to close 50 U.S. stores and cut 400 jobs in corporate and support areas.

Electronics retailer Best Buy reported a 1.2% drop in December same-store sales on slow customer traffic and weakness in the gaming and digital-imaging segments.

Best Buy will chop the price of HTC's Flyer to $299 from $499 October 1, CrunchGear reported Friday. The move comes after many retailers chopped the price for RIM's PlayBook and Motorola's Xoom to just $299. And, of course, HP has outdone them all, slashing the price of its TouchPad to just $99 on its way ...

Best Buy's profit fell 30% as same-store sales continued to slide. The electronics retailer also revised its full-year earnings view.

It was widely reported that Best Buy was sitting on over 200,000 TouchPads before HP enacted their drastic price cut, but the fire sale has come and gone, and that would normally be that.