US retail giant Best Buy saw Q3 profit plummet 77 per cent as consumer spending on electronic goods took a nosedive for the quarter. The firm, in a move to cut costs, said it is offering “enhanced” redundancy packages to about 4,000 employees at its headquarters in Richfield, Minneapolis. Best Buy said it also plans to cut …
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Posted Thursday 18th December 2008 00:07 GMT
While I must accept some responsibility for the Circuit City bankruptcy (returning that Zune was probably the tipping point), you can't blame me this time - I spent about $600US at Best Buy during that quarter.
Posted Thursday 18th December 2008 11:30 GMT
Best Buy are really the worst when it comes to customer support, after sales service, employee relations and just downright humanity. A company couldn't have a more misrepresentative name.
Posted Thursday 18th December 2008 11:30 GMT
The chain will disappear within 5 years. BestBuy, at least judging from the ones that i've visted (western pennsylvania) have never ever operated with any sense of proper management. This will prove to be the fall of BestBuy, it's not that the economy is slowing down it's that the company never had management in it's store capable of managing the stores.
The staff of these places all seemed to be college kids just trying to move on to the next step and unfortunately you can't run a business when your employees goals are to go elsewhere. Maybe not all the BestBuys are ran like this, time will tell. If I had stock in this company i'd be dumping it:)
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