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Best Buy in Serious Financial Trouble


Fat Freddy
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Sheesh, I guess having the exclusive deal for the new Guns N Roses album didn't help their bottom line one iota...:whistle:

 

Best Buy 3Q profit sinks, offers staff buyouts

 

MINNEAPOLIS – Best Buy Co. Inc. , the nation's biggest consumer electronics retailer, said Tuesday that its third-quarter profit sank 77 percent as it faced dramatic changes in consumer spending.

 

The company also said it will offer massive buyout packages to corporate employees while slashing spending in a bid to cut costs, news that the sent the retailer's stock soaring.

 

Executives called the past three months the "most challenging consumer environment" in the retailer's history.

 

"We believe that there has been a dramatic and potentially long-lasting change in consumer behavior as people adjust to the new realities of the marketplace," Chief Executive Brad Anderson said in a statement. "We also believe that customers will continue to reward those retailers who understand their needs and desires, and offer relevant solutions at fair prices. Yet we clearly recognize that these changes require us to make significant adjustments."

 

Richfield, Minn.-based Best Buy said it will offer enhanced buyout packages to nearly all its corporate employees while cutting capital spending by 50 percent in 2009. The chain also plans to open "significantly" fewer stores in the U.S., Canada and China and said it may have to lay workers off depending on how many employees accept the buyout offer.

 

"We need to prepare our organization to operate in a wide range of potential macroeconomic scenarios in the coming year," Anderson said. "We believe our broad, voluntary program helps prepare us for the unpredictable year ahead while reflecting our company values and respect for our people."

 

Tuesday's news comes about a month after Best Buy's biggest rival, Circuit City Stores Inc., filed for Chapter 11 bankruptcy protection, under pressure from vendors and consumers who aren't spending.

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CRAP!

C.C. was one of my company's customers as is Best Buy!

Hope I don't get laid off!! :yikes:

That's what is so scary about the economy right now...it's a big domino effect.

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These companies can't tell me they have problems. I have been out lately shopping and the stores are so crowded. People are spending money but they think by saying they aren't then they can get help or people out to spend money. All there companies are doing is making the stock market go up and down and making me work 60 hour weeks. It is a domino effect but by one saying they have problems then someone else says they do also.

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I wonder why this company has never branched out over here? I have no idea what Best Buy is, but I see you guys refer to many other chains we have here in Australia, like Target, Payless Shoes, K-Mart (Wal-Mart there, isn't it?) etc. is this strictly a US company or is it over in the UK too?

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I wonder why this company has never branched out over here? I have no idea what Best Buy is, but I see you guys refer to many other chains we have here in Australia, like Target, Payless Shoes, K-Mart (Wal-Mart there, isn't it?) etc. is this strictly a US company or is it over in the UK too?

 

 

No Best Buy, Wal Mart, K-Mart, Payless shoes or Target over here at all, just places that sell good beer and chip shops.

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

Hell,ive seen store employees there on numerous occasions try to sell and push people sh*t they don't even need..if they're in financial dire straights I say f**k 'em let 'em go under.

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

Hell,ive seen store employees there on numerous occasions try to sell and push people sh*t they don't even need..if they're in financial dire straights I say f**k 'em let 'em go under.

 

Your store must be different than the ones here. They ask if you need anything but I've never had them push anything on me. But hey thats me.

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K-Mart (Wal-Mart there, isn't it?)

 

K-Mart and Wal-Mart are not the same company, in fact they're bitter rivals. K-Mart's been around longer and used to be Numero Uno but over the past fifteen/twenty years or so, Wal-Mart has pretty much crushed them. I worked for K-Mart when I was in college and I used to find it pretty hilarious whenever a rumor came around that Wal-Mart were considering opening a store in our area... everyone would be "Oh my Gawd, Wal-Mart's coming, the sky is falling, we're all gonna lose our jobs!" -- which would've been fine with me at that time, honestly, cuz I f*ckin HATED working for K-Mart... that place was a major contributor to my drinking problem...

 

Off topic, sorry. Just felt the need to clear that up. :lol:

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K-Mart (Wal-Mart there, isn't it?)

 

K-Mart and Wal-Mart are not the same company, in fact they're bitter rivals. K-Mart's been around longer and used to be Numero Uno but over the past fifteen/twenty years or so, Wal-Mart has pretty much crushed them. I worked for K-Mart when I was in college and I used to find it pretty hilarious whenever a rumor came around that Wal-Mart were considering opening a store in our area... everyone would be "Oh my Gawd, Wal-Mart's coming, the sky is falling, we're all gonna lose our jobs!" -- which would've been fine with me at that time, honestly, cuz I f*ckin HATED working for K-Mart... that place was a major contributor to my drinking problem...

 

Off topic, sorry. Just felt the need to clear that up. :lol:

 

To quote Rain Man. "K-Mart sucks!"

 

My girlfriend worked there at one time and it was the worse job I think she ever had. They never had enough people working and one time someone cussed her out while she was helping a customer and management wouldn't do anything about it and took the other person's side.

 

The problem with greedy Wal-Mart is that you can't walk in the store because of all the freakin islands. You have to sqeeze by people or get out of the way while 100 people walk by. Give us some room to walk you greedy people. Wal-Mart sucks also Rain Man.

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To quote Rain Man. "K-Mart sucks!"

 

:rofl: I was still a K-Mart employee when I first saw that movie...and I'm sure everyone in the theatre wondered who the guy was who laughed loudly and yelled "HELL YES! AMEN!" back at the screen... :lol:

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To quote Rain Man. "K-Mart sucks!"

 

:rofl: I was still a K-Mart employee when I first saw that movie...and I'm sure everyone in the theatre wondered who the guy was who laughed loudly and yelled "HELL YES! AMEN!" back at the screen... :lol:

 

 

Thats funny Freddy!

 

Why I also hate is that the K-Mart close to me is a no ad K-Mart. They don't have ads and you can't get anything from the ad at that price. WTF! Thats also retarded, No wonder they are going under,

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

Hell,ive seen store employees there on numerous occasions try to sell and push people sh*t they don't even need..if they're in financial dire straights I say f**k 'em let 'em go under.

 

Your store must be different than the ones here. They ask if you need anything but I've never had them push anything on me. But hey thats me.

Our Best Buy is the complete opposite. There is never anyone around to help but there are always employees hanging around in a group visiting, and then when you start heading their way they scatter. It's almost as bad as Home Depot.

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

Hell,ive seen store employees there on numerous occasions try to sell and push people sh*t they don't even need..if they're in financial dire straights I say f**k 'em let 'em go under.

 

Your store must be different than the ones here. They ask if you need anything but I've never had them push anything on me. But hey thats me.

Our Best Buy is the complete opposite. There is never anyone around to help but there are always employees hanging around in a group visiting, and then when you start heading their way they scatter. It's almost as bad as Home Depot.

 

 

I agree Home Depot is pretty bad here also.

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

I found out a way to get rid of those assholes :tumbsup:

Give them a name of an obscure c.d., It keeps them busy for awhile. One time, I had three of them looking up three different c.d.'s. They didn't bother me for the rest of the night!!

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...stop with the blue shirts swarming me,asking if they can help me every time i turn down a freakin' aisle and maybe ill shop there.

 

 

At least they ask you. How many stores do you try and find someone and there never is anyone around.

Hell,ive seen store employees there on numerous occasions try to sell and push people sh*t they don't even need..if they're in financial dire straights I say f**k 'em let 'em go under.

 

Your store must be different than the ones here. They ask if you need anything but I've never had them push anything on me. But hey thats me.

Our Best Buy is the complete opposite. There is never anyone around to help but there are always employees hanging around in a group visiting, and then when you start heading their way they scatter. It's almost as bad as Home Depot.

 

 

I agree Home Depot is pretty bad here also.

 

Home Depot used to be okay with helping but now their just as bad as Lowes IMO.

When you need help they are never around or if you do find someone it's not their department. :doh:

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Best Buy are overpriced most of the time, although I do like thier stores. I go there to reference stuff and try it and then go back home and get it on ebay for about 60-70% of the price BB wants. I've never found their employees to be too bad either. A couple stores here and there where you either get too many or not enough people asking to help, but that can all depend on if you KNOW what you're looking for and where it is or not. If I'm wandering aimlessly, they ask more, but if I walk in and go straight for what I'm looking for, I don't get bothered

 

 

To not threadjack this, check here for a funny story:

 

 

http://heavyharmonies.ipbhost.com/index.php?showtopic=19824

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The Vains Of Jenna cd came out today. That's a good sign when the cd is even available at Best Buy. Funny thing is that the people at Best Buy didn't know what I was even asking for. Guess it didn't help that it was a new store. You gotta love when you ask one person a question, they ask another, and pretty soon you have a crowd trying to figure out how to help you. All of that over a cd. You especially gotta love that they hadn't even unloaded their truck. If they had I would be listening to Vains Of Jenna now.

 

The comment about telling the Best Buy people a cd title so they can help find it reminded me of the above quote. I wrote that on the Sleaze Roxx boards on October 24, 2006. I think I tried a couple more times to get the cd with no luck. I never did get it.

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>> The Vains Of Jenna cd came out today. That's a good sign when the cd is even available at Best Buy. Funny thing is that the people at Best Buy didn't know what I was even asking for. Guess it didn't help that it was a new store. You gotta love when you ask one person a question, they ask another, and pretty soon you have a crowd trying to figure out how to help you. All of that over a cd. You especially gotta love that they hadn't even unloaded their truck. If they had I would be listening to Vains Of Jenna now.

 

The comment about telling the Best Buy people a cd title so they can help find it reminded me of the above quote. I wrote that on the Sleaze Roxx boards on October 24, 2006. I think I tried a couple more times to get the cd with no luck. I never did get it. <<

 

The Best Buy stores in the Phoenix area must be Godlike compared to most of the country when it comes to music. I have NEVER had a problem finding a CD in stores out here (within reason, of course). I've been to Best Buy stores in Chicago, Nashville, NYC, LA, Vegas, Dallas, Kansas City, ummm, a few more I'm sure and the selection wasn't anywhere NEAR as good. Guess we just have cooler buyers out there.

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