Archived Best Buy to lay off 2,400 workers

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Oct 14, 2011
This isn't exactly Target news, but pretty big retail news that will probably impact Target in the future. Best buy may be the next circuit city. If that happens, Target may see a huge upswing in electronics sales....

I was told by my manager last month that I was losing 6 of my best buy stores, and that they wouldn't be serviced by us anymore. When I asked why, he just told me that best buy told us those stores weren't going to need vendors anymore. Makes you wonder what is going on....
Best buy can't compete with a lot of consumers purchasing from No tax free two day shipping for prim members, Best buy can't compare. And have you ever noticed the coupons that Best buy distributes can't be used on sale items and when an item isn't on sale if you use the coupon it just drops it to the sale price. Last week a tv was on sale for $499 this week it's back at $549 but you can now use your 5% off coupon on it so long as the tv is over $399. Fry's electronics also does internet price matching (against Amazon, NewEgg,Steam) to keep sales, while Best Buy does not. Sad to see it happen but really they aren't being competitive to drive sales.
Adapt or die. Another company that choose not to adapt. It may not make the idiots in the boardroom happy, but the companies that have adapted have survived. The world changes. They can either change with it or be left behind to die. Radio Shack used to be cool, you could build or repair just about anything with the stuff they sold there. Now it's just Cell Phone Shack. It sucks, but I guess they're at least trying to adapt to the way the world has changed.

Stuff that costs 5 or 6 bucks online, and 7 or 8 bucks at Fry's is like 20-25 bucks at Best Buy. Come on, are you kidding me? The stuff there is so much more expensive, it's not even worth it to go there with a gift card because it's basically a waste of money. Maybe not your own, but still. Yeah physical stores have overhead that online stores don't,'s working for Fry's and other stores too. If they had smart people who weren't too stuck in old school strategies and tactics, they would have come up with something clever to save themselves (hint: not shuffling numbers around on spreadsheets to artificially inflate profit numbers to make themselves look good).
And going into Best Buy is simply painful. The music is always up so loud one can hardly hear oneself think. Which might be so you can't hear yourself think, "gee, these prices are expensive."
I read that Best Buy is now focusing on selling through kiosks than its brick and mortar stores.
Best buy is hurting, their CEO resigned last month. Not a good sign.

I believe that was over some questionable activities with an intern and mismanagement of funds for said intern. The current CEO is the original owner I believe and some say is lining himself up to buy the company back and run it how he use to. They also are having a hard time justifying all those large format stores when so many of their TVs and appliances are never in stock. They have been testing out smaller sq/ft store models for a few years now.
Best Buy grew too quick, and they bought into too much overhead.

Target stores were only getting 10 Wii's, PS3s, or Xboxs a week, where Best Buy stores had a pallets of 100s.
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