Best Buy Founder Drops Plans for Buyout

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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Richard Schulze, Founder and past chairman of Best Buy failed to meet the Thursday deadline to purchase the company and take it private. Schulze could not raise the necessary capital from potential backers and now Best Buy is moving forward with turnaround plans to increase sales and cut overall costs.

The company, which permanently closed 49 large stores in the last financial year, said it expected to shutter an additional five to 10 large stores this year as well. At the end of the fourth quarter, Best Buy had 1,056 big box or large format stores in the United States.
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Close 49 stores, double the size of the apple section in the remaining ones. That plan can't lose.
 
LOL, "moving forward with turnaround plans to increase sales and cut overall costs." So basically have employees try to shove even more shit down customers throats, cut store employee hours/pay, and hope for the best.
 
darkstarcow said:
LOL, "moving forward with turnaround plans to increase sales and cut overall costs." So basically have employees try to shove even more shit down customers throats, cut store employee hours/pay, and hope for the best.
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They can have extended warranties...for extended warranties! You know, in case the first one happens to not cover it.
 
I have 2 thoughts about this. 1: There go's any chance Best Buy had of becoming relevant again any time soon. 2: Probably a smart move on Schulze's side. I understand he started it and he hates to see where it ended up and he wants to try and fix it but honestly he would be throwing good money after bad.
 
At the end of the fourth quarter, Best Buy had 1,056 big box or large format stores in the United States.
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1,056 minus 49 = rearranging the deck chairs on the Titanic
 
The big wigs on top still makes money whether BestBuy does good or bad. They have nothing personal at stake, so they could care less.
 
lol you guys hate BB so much. I get good deals on phones (with contract) through BB. Someone always comes up to push me to buy something else, I politely decline and that's all there's to it.
 
I can't see anything saving BB,they've destroyed their reputation with consumers for so long with their underhanded sales tactics. Hopefully their buddies at Monster will join them in the unemployment line.
 
buddybd said:
lol you guys hate BB so much. I get good deals on phones (with contract) through BB. Someone always comes up to push me to buy something else, I politely decline and that's all there's to it.
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Sounds like somebody that wears a blue shirt to work.

Amirite...
 
the-one1 said:
The big wigs on top still makes money whether BestBuy does good or bad. They have nothing personal at stake, so they could care less.
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Herein lies one of the biggest problems with most business models. If big wig incomes were directly influenced by their stores' performance, things would be run very differently.
 
darkstarcow said:
LOL, "moving forward with turnaround plans to increase sales and cut overall costs." So basically have employees try to shove even more shit down customers throats, cut store employee hours/pay, and hope for the best.
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They just cut the return period for non premier silver reward zone members down from 30 days to 15 days, it used to be 14 days for returns so they're back to where they were about 6 months ago.
 
mynamehere said:
Herein lies one of the biggest problems with most business models. If big wig incomes were directly influenced by their stores' performance, things would be run very differently.
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Even that would have risks. If they're essentially working on a compensation-based salary they might make short-term decisions to pad their wallets but will screw the company over down the line. Of course they won't care since they would have moved on by then.
 
buddybd said:
lol you guys hate BB so much. I get good deals on phones (with contract) through BB. Someone always comes up to push me to buy something else, I politely decline and that's all there's to it.
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If you're under a contract for a phone you're a sucker. You're paying too much if you aren't on an MVNO.
 
time to short the stock.

ever since there were talks of a buyout, the stock has been inflated.
 
Dekoth-E- said:
Well, there went best buys chances of recovery.
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Who says that he had the answer? It could be just like how the founder of Barnes and Noble wants to buy the retail stores but spin off Nook. He thinks their problems is customer service when in reality its just a changing marketplace.
 
>Schulze could not raise the necessary capital from potential backers

Only a moron would invest money into BB.
 
pgaster said:
I was going to make a Titanic reference of some sort, but you beat me to it and did a good job.
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best buy will sink just like this ship:

0421_NCSP_CardboardRegatta7_t607.JPG
 
I bought a 39" LG TV at bestbuy yesterday to price match. their price was astronomically high compared to Frys but they advertise their price match is quick and easy. it was easy but it took around 15mins for the poor best buy employee to find a manager who had to go online to verify even though I printed out the Frys order, who then had to have me login to get to checkout to show the lower price.

All in all took about 40 mins to locat price match and checkout.... Best Buy is closer to me but I sure didn't save any time.

They really need to streamline their shit.
 
buddybd said:
lol you guys hate BB so much. I get good deals on phones (with contract) through BB. Someone always comes up to push me to buy something else, I politely decline and that's all there's to it.
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Yep. I've been shopping at BB for years and bought a lot of stuff there and go there to browse a couple times a month. I can't understand all the hate and seething rage for the stores either. They offer you extended warranties. They should die in a fire? Their prices aren't that far off from Amazon's on most things especially if you catch them on sale and I have yet to be threatened at gunpoint for refusing their warranty offer. They offer it, I say "no thanks" and that's it.

They're not perfect but I don't get why techies want them to die so much. It's gonna suck when Walmart is your only B&M option for electronics.
 
A lot of the hate was fueled I think when they would outright rape you on random products marked up 800% to take advantage of unsuspecting shoppers, refuse price match on an item because it has a unique sku even though its the exact same product, not matching their own online store prices, having clueless staff, and so forth.
 
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