Best Buy Company, Inc. announced this past Monday that two of its directors had resigned, including one that had served in the role of chief executive in the past. These departures come seven months after the departure of company founder Richard Schulze who is now working to make a bid for the struggling retailer.
Businessweek Magazine has published online their latest annual list of the five worst CEOs of the year. The short list, not one that CEOs hope to see their names featured on, is topped this year by a CEO from the consumer electronics retailing industry – none other than Brian Dunn of Best Buy. Dunn, who left Best Buy in April in the wake of a scandal involving an inappropriate relationship with a female subordinate, earned the title of the absolute worst chief executive on 2012 – and it wasn’t even because of the affair!
See why Businessweek feels Dunn is the “absolute worst chief executive of 2012″… [Read more…] about Businessweek Names Best Buy’s Brian Dunn as Worst CEO of the Year
After the close of the market today, Best Buy warned Wall Street that its third quarter earnings and same-store sales will be significantly below the same quarter last year. The company also announced that head of U.S. business Mike Vitelli, and other executives, will leave the company at the end of this fiscal year in early February.
But the warning to Wall Street went even further… [Read more…] about Best Buy Warns Profits Will Be ‘Significantly Below’ Last Year, Cuts Senior Managers
The organization also released additional details on its upcoming fall conference.
See more on this announcement and the group’s upcoming meeting… [Read more…] about Azione Unlimited Buying Group Adds New Vendors; Releases Details on Upcoming Meeting
The best briefcase I have ever owned – it has literally been around the world with me – is my Tumi leather soft-side, expandable briefcase. I still own it and whenever I go anywhere for a business meeting…it goes with me. So it caught my attention today scanning the news wire services when I saw a press release that Monster (formerly Monster Cable) was partnering with Tumi to launch a new headphone – called the Tumi x Monster – based on their existing Inspirations model.
Not exactly an intuitive choice…Monster has their reasons for partnering with the luxury travel brand… [Read more…] about In Search of Beats Replacement, Monster Turns to…Tumi?
New research released today from Harris Interactive, conducted on behalf of CouponCabin.com, provides a sobering look at how prevalent the practice of showrooming is among smartphone- and tablet-owning retail shoppers. Showrooming is where retail shoppers use their smartphone or tablet to look up lower prices on items they see in the retail showroom to purchase later from an online merchant.
According to the survey, more than 43% of smartphone and tablet owning consumers admit to showrooming. This figure, alarmingly close to 50%, is likely to be much higher than many industry observers would have expected.
But the survey didn’t stop there… [Read more…] about New Research Quantifies Impact of ‘Showrooming’
Two weekends ago, we celebrated my wife’s birthday. For the last few years, one of the things she most wanted for her birthday was a birthday cake. Not just any cake, mind you, but a cake made by Buddy Valastro – TLC’s Cake Boss. This is not as simple of a request as it sounds and for the last couple of years, I couldn’t fit it into my schedule to make it happen.
This year, I made it happen – and learned something about marketing strategy from the Cake Boss… [Read more…] about 7 Lessons on Marketing Strategy from My Day with the Cake Boss
It’s been a rough week for Best Buy. And if something doesn’t happen soon…it’s only going to get worse as the company is on a slippery slope and quickly losing the support of Wall Street. Already the company was embroiled in turmoil having recently dismissed CEO Brian Dunn for an inappropriate relationship with a young, female employee…scolding and then losing founder and chairman Richard “Dick” Schulze who knew about the relationship and didn’t tell anyone…and then enduring a reasonably PR-savvy public campaign as Schulze announced intentions to buy the company and take it private. Finally – as if to emphasize how bad things had become – this past Monday the company announced their fiscal Q2 results with a shocking 91% drop in profits. But wait! There’s more…
How bad is it at Best Buy? They had to pay someone $32 MILLION to come run it!… [Read more…] about Is Best Buy Now Worst Buy?
Reuters is reporting that the Best Buy board of directors has asked founder and former chairman Richard Schulze to name the private equity (PE) firms that he can line up to help him buy out Best Buy stock and take the company private. But reportedly Schulze is playing coy, saying only that there’s a “number of leading private equity firms” prepared to make a significant commitment.
In an email to Reuters, the board said, in effect, it will take its time to study the proposal… [Read more…] about Best Buy Board to Schulze: You Show Us Yours Before We Show You Ours
Based in Missoula, Montana, Vann’s Inc. has been a shining star of the retail business – for years a hearty player in a rugged part of the country where only the strong survive. Founded in 1961 by Pete Vann, the company has steadily grown over the years – adding locations, diversifying retail formats, and even expanding into online sales. But signs of stress began to emerge this year with the company closing one location in February, then replacing long-time CEO George Manlove in June with a CEO from outside the company, losing the support of a key lender in July, and finally declaring bankruptcy just a little over one week ago.