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Best Buy in Trouble - Who is Next?
Best Buy is the largest consumer electronics retailer left in the country. Circuit City filed for bankruptcy, Tweeter shuttered just weeks ago. You would think that without competition, Best Buy would be flourishing. However, they just announced massive spending cuts - reducing its capital spending by 50%. Massive.
In a Financial Times report, Brad Anderson, chief executive officer, said that US-based Best Buy believed “there has been a dramatic and potentially long-lasting change in consumer behaviour as people adjust to the new realities of the marketplace”. You can probably forget about any new store openings any time soon.
You can also expect layoffs some time soon.
What's going wrong with Best Buy?
Although claiming doom and gloom, they posted a profit last quarter. It just wasn't as high as last year. Double-digit drops in cameras, MP3 players and nav systems are to blame, as is a shorter holiday shopping season this year.
There are still nine shopping days until Christmas. Get hopping down to Best Buy - if they fold, there will be no place left to shop! — Leslie Shapiro