Dennis Green, provided by Published 11:10 am, Sunday, April 15, 2018 Hollis Johnson/Business Insider Best Buy announced it would be shuttering all of its small-format mobile stores in March. CEO Hubert Joly told Business Insider that the stores were no longer as profitable as they had been since smartphone sales "matured." Best Buy will open its first new store since 2011 later this year. In March, Best Buy announced it would close all 250 of its small-format mobile locations by May 31. These stores sold smartphones and accessories in a small footprint — around 1,400 square feet — and mostly in malls. "We had opened them about 12 years ago, at a time when the penetration of smartphones was very low, so this was a great growth opportunity. The margins in smartphones were very good," Best Buy CEO Hubert Joly told Business Insider in a recent interview. "Fast forward to 2018, smartphone penetration is a very mature industry." Best Buy decided to … [Read more...] about Best Buy’s CEO reveals why the company is closing 250 stores (BBY)
Best buy bankrupt
Last Updated Apr 6, 2011 12:19 PM EDT Bankrupt Blockbuster finally found a new home. Dish Network bought the beleaguered video rental chain at auction for $320 million, beating three other bidders, including Carl Icahn. As of the last 10-Q that Blockbuster filed, which was for the quarter that ended October 3, 2010, base rental revenue for the first three quarters of last year was down 18.2 percent from 2009. The company was losing money like a Wall Street banker's complex derivative vehicle. So why buy it? In addition to the bland answers that appear in Dish's official rationalization, there is an unstated one: Blockbuster could play an important role in the online video wars. Dish's explanation for the bid was what you might expect:"With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for DISH Network," said … [Read more...] about Dish Buys Blockbuster — and Huge Leverage with the Studios
(AP) NEW YORK - Best Buy Co. ((BBY) has named Hubert Joly, the former CEO of global hospitality company Carlson and turnaround expert, as its new CEO and president. The announcement, made Monday, comes after the nation's largest electronics chain announced Sunday that its offer to advance talks with company co-founder Richard Schulze on his takeover bid was rejected. Best Buy says Joly, who is French, is expected to take over as CEO in early September when his visa is secured. Carlson, which operates such businesses as Radisson and T.G.I Friday's, announced Sunday that Joly resigned from that company. Joly succeeds Mike Mikan, a board member who has served as interim CEO since April when former CEO Brian Dunn left Best Buy because of what the company called an improper relationship with an employee. "Hubert was an outstanding candidate for this position and I am confident he will be a great fit for Best Buy," Hatim Tyabji, chairman of Best Buy's board, said in a … [Read more...] about Best Buy hires hospitality exec as new CEO
When hospitality executive Hubert Joly was named CEO of Best Buy (BBY) in 2012, the company's shares tumbled 10 percent because investors worried that he lacked the background to turn around the giant consumer-electronics chain. Wedbush Securities analyst Michael Pachter declared on Bloomberg TV: "The guy isn't qualified. I don't know how to say that more clearly." Now, the blunt-speaking analyst admitted in an email to CBS MoneyWatch: "I underestimated him." Pachter wasn't alone. Shares of the Richfield, Minnesota-based retailer leaped 21.5 percent today, or $10.83, to close at $61.25, after it reported quarterly earnings that far exceeded Wall Street's expectations. That puts the stock price at an all-time high, and the jump made Best Buy the day's top performer among the S&P 500. Net income in the most recent quarter was $188 million, or 60 cents per share, 20 cents higher than analysts' forecasts. Revenue rose 1 percent to $8.53 billion, topping estimates of $8.28 … [Read more...] about Best Buy CEO Hubert Joly confounds the naysayers
A ritual of spring in America is about to begin. Tens of thousands of people will soon get their tax refunds, and when they do, they will finally be able to afford the thing they've thought about for months, if not years: bankruptcy.It happens every tax season. With many more people suddenly able to pay a lawyer, the number of bankruptcy filings jumps way up in March, stays high in April, then declines.For the past year, I've traveled the country trying to understand why bankruptcy often fails those it's supposed to help. I analyzed millions of filings and interviewed dozens of judges, lawyers and people struggling with debt. The answer turns out to be simple: People are too broke to go bankrupt. Filing costs money, as does hiring an attorney, which is the best way to make sure you actually get debt relief.If you had the $1,000Scores of people considering bankruptcy told me the same thing again and again: If they had $1,000 to pay an attorney, then they probably wouldn't need to file … [Read more...] about What if you can’t afford to go bankrupt?