Best Buy exits Europe

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By Dhanya Skariachan and Paul Sandle, Reuters

“(Reuters) – U.S. retailer Best Buy Co Inc (BBY.N) retreated from its ill-fated European expansion on Tuesday by selling its stake in a joint venture to Carphone Warehouse Group (CPW.L) for less than half what it paid five years ago.

The 500 million pounds ($775 million) sale is the latest sign the world’s largest consumer electronics chain is scaling back its overseas ambitions to focus on its mainstay U.S. business, which faces cut-throat competition from the likes of Wal-Mart Stores Inc (WMT.N) and Amazon.com Inc (AMZN.O).”

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