Best Buy Furloughs Some Store Employees As Sales Decline
Best Buy is taking several actions in response to the pandemic, temporarily furloughing some store employees, as sales remained mixed in March and April as the coronavirus spread.
electronics
Best Buy Kicks Off 12 Days Of Deals Promotion
Best Buy is kicking off a 12 Days of Deals gift promotion on December 9, with offers on what it said are the hottest tech brands revealed each day, guaranteed to be lowest price of the season.
Best Buy Releasing Black Friday Daily Doorbusters
Best Buy has released its Black Friday ad featuring thousands of deals, and the retailer is giving consumers more opportunities to purchase from the deals and doorbusters before Thanksgiving Day.
Winning The Home Critical To Next Phase Of Best Buy Growth Strategy
In an investment presentation, Best Buy highlighted the progress made on its Building the New Blue growth strategy, detailing how it plans to move forward with the initiative, with an emphasis on customer relationships and “winning the home,” as well as discussing the company’s long-term financial outlook.
Barry Takes Helm Of Best Buy
Corie Barry has officially taken the helm of Best Buy, becoming the fifth CEO in the company’s 53-year history. She replaces Hubert Joly, who led the company through a successful turnaround over the past seven years and will now become executive chairman as part of a planned leadership transition.
Newegg Expands Global Reach
Tech-focused e-retailer Newegg, which extends into more than 80 countries, has added 29 countries to its global network. The company unveiled the expansion during its Newegg Seller Summit, which is part of London Tech Week.
Best Buy Readies CEO Transition After Strong Q1
Hubert Joly, who is exiting the CEO role, said that the first quarter represented “a good start” to the Best Buy fiscal year.
Numerator: CPG Goods Drive Amazon Own Brand Sales Gains
Market research firm Numerator analyzed Amazon private label initiatives, and the company’s 135 own and 330 exclusive brands, determining that consumables are primed for growth even if 58% of sales occur in electronics, with Alexa-enabled products leading the pack.
Rent-A-Center Settles Litigation With Vintage Capital
Rent-A-Center has agreed in principle to settle all litigation with Vintage Capital Management, and B. Riley Financial relating to the company’s termination of an agreement and plan of merger last year with certain affiliates of Vintage Capital.
Best Buy Readies December Doorbuster Promotion
Starting this Saturday, December 1, Best Buy is kicking off its “20 Days of Doorbusters” promotion.
Best Buy Q3 Propelled By U.S. Comp Growth
For the third quarter ended November 3, when comparable sales in the U.S. increased 4.3%, Best Buy posted net earnings of $277 million, or 99 cents per diluted share, versus $239 million, or 78 cents per diluted share, in the year-before period.
Bluestar Completes Brookstone Acquisition
Bluestar Alliance has closed its acquisition of the Brookstone brand. The company said that, participating in the acquisition, is Apex Digital Inc., a U.S. consumer electronics company that will operate the Brookstone website and airport stores.
Best Buy Appoints Kent To Board Of Directors
Best Buy has appointed Cindy Kent, a health care executive, to its board of directors, effective immediately.
Sharper Image Names Reese CEO
Sharper Image has appointed Lance Reese as chief executive officer.
Best Buy Boosts Q2 Comps, Beats Wall Street Estimates
Best Buy beat Wall Street estimates with a solid performance in the second quarter, with comps driven by strong electronics product demand and what the company termed a favorable environment.
CTA Projects Smart Home A Key Growth Category In 2018
Artificial intelligence (AI), voice-recognition technology and fast connectivity will help spur overall U.S. consumer technology industry revenue to $377 billion in retail revenues in 2018, a 6% increase, according to the Consumer Technology Association (CTA).
Vintage Capital To Acquire Rent-A-Center
Vintage Rodeo Parent, an affiliate of Vintage Capital Management, will acquire all outstanding shares of Rent-A-Center common stock for $15 per share in cash.
Conn’s Sees Positive Signs Despite Q1 Sales Decline
First quarter retail segment sales at Conn’s were down slightly, but company officials noted positive movement toward the end of the quarter driven by growth in comparable store sales in April.
Conn’s Amends Credit Line
Conn’s, Inc. has closed its amended and restated $650 million asset-based revolving credit facility.
Best Buy Reports Better-Than-Expected Q1 Results
Noting strong results across all channels and geographies, Best Buy reported better-than-expected results for the first quarter ended May 5.