CLAY, NY - Best Buy plans to close its Clay store, located at 3967 Route 31 near Great Northern Mall, according to Jeff Shelman, speaking for Best Buy. The store's last day of business will be Nov. 3, which is when its lease runs out on the 30,000-square-foot building, Shelman said. Best Buy's two other Syracuse-area stores - at Destiny USA and in DeWitt - will remain open. The store at Destiny USA opened in 1998. The DeWitt store opened in 2008, and still has a number of years left on its lease, Best Buy officials said. The decision to close affects 25 full-time employees and several part-time employees, Shelman said. They can transfer to another store or receive severance, he said. Best Buy officials said they decided not to renew the lease in Clay as they believe the 52,000-square-foot Destiny USA store can service customers who shopped at the other location. "The store at Destiny USA has been a big draw," Shelman said. The Clay store is about a mile from Great Northern Mall, … [Read more...] about After 10 years of operation, Best Buy is closing its Clay store
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By Paul Page Paul Page The Wall Street Journal BiographyPaul Page @PaulPage [email protected] May 24, 2018 4:23 p.m. ET 0 COMMENTS Best Buy Inc. BBY -6.65% says the rapid expansion of inventory ahead of even its fast-surging sales is the result of the retailer’s efforts to draw customers by having goods in place both online and in its physical stores. The electronics giant reported overall sales rose 6.8% to $9.12 billion, part of a strong report issued Thursday that showed Best Buy growing at a sharp rate on improving consumer confidence and a lineup of popular new products. The company also reported that inventories on its balance sheet in the quarter ended May 5 reached $4.96 billion, up 7.1% from the end of last year’s fiscal first quarter, and that inventories on a per-square-foot basis—an important measure of supply-chain efficiency for retailers—were up 9% from a year ago. Read More on Logistics Union Pacific Chief Praises GE-Wabtec … [Read more...] about Best Buy Keeps Store Shelves, Distribution Centers Stocked
(AP) NEW YORK - Electronics retailer Best Buy Co. (BBY) 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. The cuts amount to about 1.4 percent of the company's total staff of 167,000. Best Buy is trying to combat the "showrooming" of its stores, as consumers test out products at its stores but go home and buy them cheaper online or at discounters. Interim CEO Mike Mikan has vowed the company is committed to fundamentally changing operations to improve results. Spokesman Bruce Hight says the layoffs are part of Best Buy's "ongoing turnaround plan." Best Buy raises dividendAnalyst: Buyout not likely for Best BuyReport: Best Buy founder may seek to take company private In March, the company announced a restructuring aimed at improving results. At the time, the company said it would close 50 of its U.S. big box stores, cut 400 corporate jobs and trim $800 … [Read more...] about Best Buy to cut 2,400 jobs in turnaround effort
(AP) RICHFIELD, Minn. - Best Buy (BBY) announced over the weekend 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. Complete list of Best Buy stores expected to close permanently The struggling electronics chain said last month that it would close some of its so-called big box stores, cut 400 corporate jobs and trim $800 million in costs. Best Buy plans to open 100 smaller, more profitable Best Buy Mobile stores. The company is trying to avoid the fate of Circuit City, which went out of business in 2009. It faces slower sales of expensive items like TVs, plus increased competition from Amazon.com and discount stores like Target. Best Buy store closing list: Is yours on it? Best Buy CEO's exit linked to "personal conduct" Best Buy creates committee to search for new CEO Best Buy has about 1,400 locations in the United States. It has already closed two stores this year, one … [Read more...] about Best Buy’s store closing list: Is yours on it?
Paired together, “tornado” and “Best Buy” are usually in reference to the retailer’s legendary turnaround when it held a tent sale at the State Fairgrounds in St. Paul after a tornado destroyed the flagship store in Roseville in 1982. Today, the words carry a different meaning for corporate employees at Best Buy’s headquarters in Richfield. Over the past several months, Best Buy has been laying off groups of employees on Tuesdays, a tactic that has prompted the rank and file to nickname the second day of the work week as “Tornado Tuesdays” or “Termination Tuesdays.” Multiple sources say the layoffs vary wildly across all departments, ranging anywhere from a handful of workers to as high as 25. It’s no secret that Best Buy needs to trim its corporate headcount. Under Best Buy’s Renew Blue strategy, the company has been working to shave $700 million of the company’s balance sheet over the next few years. Since … [Read more...] about Best Buy snipping employees at headquarters in Richfield