Via News Release
“MINNEAPOLIS, Jan.16, 2012 – Best Buy Co., Inc. (NYSE: BBY), today announced leadership changes to accelerate its strategy by aligning the company’s senior operating talent with its highest priorities.
“To make the most of the profitable opportunities we see both domestically and internationally, we are establishing dedicated responsibility with two of our senior executive leaders, Shari Ballard [named President, Best Buy International] and Mike Vitelli [named President, Best Buy U.S.],” said Brian J. Dunn, Best Buy CEO.”
By Elizabeth Woyke, Forbes
“In a bid to boost revenues and capitalize on the connected devices trend, Best Buy has combined several of its retail groups to into what it calls a “connectivity business group”. The group will sell a range of devices from computers to tablets, e-readers and cellphones along with associated service plans in Best Buy and Best Buy Mobile stores. Best Buy made the announcement at a small reporters event on the sidelines of the Consumer Electronics Show (CES).”
Via News Release
“MINNEAPOLIS, Jan. 5, 2012 - Best Buy (NYSE: BBY) said today that it has completed the acquisition of mindSHIFT Technologies, Inc., the nation’s leading managed service provider (MSP) for small and mid-sized businesses.
mindSHIFT provides managed IT, cloud, data center and professional services to more than 5,400 clients and 25,000 managed desktops in markets throughout the U.S.”
By Larry Downes, Forbes
“Electronics retailer Best Buy is headed for the exits. I can’t say when exactly, but my guess is that it’s only a matter of time, maybe a few more years.
Consider a few key metrics. Despite the disappearance of competitors including Circuit City, the company is losing market share. Its last earnings announcement disappointed investors. In 2011, the company’s stock has lost 40% of its value. Forward P/E is a mere 6.23 (industry average is 10.20). Its market cap down to less than $9 billion. Its average analyst rating, according to The Street.com, is a B-.”
Bu Josh Gingold, ZDNet
Next week’s expected closing of Best Buy’s $167 million deal to purchase mindSHIFT Technologies represents a watershed moment for small business IT services. In the acquisition announced last month, Best Buy will add more than 5,000 small and medium business clients for cloud, data center, and professional services on top of its existing (and considerable) business and retail services.
The move is especially important not only for what it means to Best Buy and mindSHIFT, which both stand to gain a great deal in terms of business and customers, but also what it may mean for independent managed service providers who may find it more difficult to compete in markets where the new company operates.”
Via News Release
“MINNEAPOLIS, Nov. 7, 2011 - Best Buy (NYSE: BBY) said today that it has reached an agreement to acquire mindSHIFT Technologies, Inc., the nation’s leading managed service provider (MSP) for small and mid-sized businesses, for $167 million.
The transaction will help accelerate Best Buy’s growth in the small and mid-sized business IT services category. mindSHIFT provides cloud services, data center services and professional services to more than 5,400 clients and 25,000 managed desktops in key markets throughout the United States”
Earlier this year, mindSHIFT was the acquirer of Mendota Heights-based Orbit Systems.
Via News Release
“MINNEAPOLIS, Oct. 25, 2011- As kids count the days to Christmas and parents count their pennies, consumers can rejoice as one of retail’s best shipping programs just got better. Best Buy (NYSE: BBY) officials today announced free standard shipping on all items purchased on BestBuy.com beginning Nov. 1, 2011 and running through Dec. 27, 2011, making it easier than ever for Santa’s helpers to get and send holiday gifts.
“This holiday, we are offering free shipping on everything sold on BestBuy.com. everything” said Barry Judge, Best Buy executive vice president and chief marketing officer.”
Via News Release
“MINNEAPOLIS, Oct. 20, 2011 — Best Buy Co., Inc. (NYSE: BBY), the leading multi-channel consumer electronics retailer, today announced the arrival of the Best Buy App Discovery Center(TM), a mobile app service designed to make it easier for consumers to locate the apps they need when they want them, short-cutting the typically tiresome search through thousands of iOS and Android alternatives.
Available free to users, the new Best Buy App Discovery CenterTM addresses a major pain point for the growing number of people who are searching for apps for their mobile devices: the loss of both time and money trying to find the apps they want when they want them from thousands of options that are often randomly sorted.”
By Shira Ovide, Wall Street Journal
“We did a literal double take at our computer screen this afternoon, wondering if the news wires had fallen into a worm hole leading to the dotcom bubble. But flashback city is true. Rhapsody is buying Napster.
Some of you might be asking, “Napster still exists?” Well, sort of. After it was felled a decade ago by music-industry lawsuits, the Napster brand was revived, and it was acquired by Best Buy in 2008 for $121 million.”
Via News Release
“MINNEAPOLIS – Sept. 28, 2011 – Best Buy Co., Inc. (NYSE: BBY) today announced that the new Kindle family, including the $79 Kindle, the $99 Kindle Touch and the $149 Kindle Touch 3G, as well as the $199 Kindle Fire, will be available at all Best Buy and Best Buy Mobile stores for the holidays.
The $79 Kindle, unveiled by Amazon today, will be available for pre-order by customers beginning tomorrow, Sept. 29, for pick up in early October. “
Piper Jaffray’s Gene Munster suggests the retailer will be taking some losses on the distribution, which sounds like a defensive strategy to hedge against under-indexing. I could be wrong?
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