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Jul 6, 2012

Best Buy to cut 2,400 jobs, including 600 at Geek Squad

By Brad Dorfman

(Reuters) – Best Buy Co Inc (BBY.N: Quote, Profile, Research, Stock Buzz) plans to cut about 2,400 jobs, including 600 of its Geek Squad employees, as management tries to turn around the struggling electronics retailer, a spokesman for the company confirmed on Friday.

The cuts represent 1.4 percent of the company’s 167,000 workforce and come on top of jobs associated with 50 store closings the company announced in March, the spokesman, Bruce Hight, said.

Jul 5, 2012
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Jul 2, 2012

No bid soon by Best Buy ex-chairman: source

By Nadia Damouni and Brad Dorfman

(Reuters) – Best Buy Co Inc’s (BBY.N: Quote, Profile, Research) former Chairman Richard Schulze is not expected to present a buyout or other proposal to the company’s board anytime soon, a person familiar with the situation said, putting a damper on market expectations that a move might be imminent.

Shares of electronics dealer Best Buy rose more than 10 percent on Monday morning to $23.56 on growing talk that Schulze was planning a buyout offer, but fell back to $22.13, or up 5.6 percent, on word the bid was unlikely to come soon.