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Jul 12, 2012
Jul 11, 2012
Jul 9, 2012
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
Jul 3, 2012
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.

Jul 2, 2012

Best Buy up on focus on founder’s likely buyout offer

By Nadia Damouni and Brad Dorfman

(Reuters) – Best Buy Co Inc’s (BBY.N: Quote, Profile, Research, Stock Buzz) 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.

Jun 26, 2012

Heinz replaces head of North American unit

June 26 (Reuters) – H.J. Heinz Co has replaced the
head of its North American business, which has been lagging the
rest of the company in sales growth as price increases and cuts
in promotions have hurt sales volume.

Scott O’Hara had been president and chief executive of
Heinz’s largest business segment for nearly three years and was
once considered a candidate to run the entire company. He is
leaving to pursue other opportunities, Heinz said on Tuesday,
without giving further details.

Jun 22, 2012