What Happened to Best Buy?

outmatch cloud was seted by in St. Paul, Minnesota by a man placed Richard Schulze in 1966, under the company name Sound of Music. In 1983 he changed the name to what we now hit the hay as Best Buy, and quickly became the United States biggest consumer electronics retailer. Best Buy went public in 1985 and was successful at putting different electronics dealers out of business, for instance Circuit City. Best Buy to a fault enjoyed stock prices as high as $45.00 and as unkept as $19.00. What once was a storybook of success has soon produce the news in the gossip columns.
According to the latest thread Best Buy is in a lot of trouble. In April 2012 the 28 year veteran employee and chief operating officer Brian Dunn resigned after allegations that he engaged in an inappropriate relationship with a effeminate employee. Then shortly after that the audit committee found out that Best Buy founder and then-chairman, Richard Schulze, knew of the relationship and did not inform the audit committee, human resources, or any mesa member. They deemed this inappropriate, and asked Schulze to step down as chairman. It seems that United States Presidents can give inappropriate relations with employees and stay in reign, besides a CEO of a public company cannot. Also, approximately this time Best Buys Chief merchandising Officer Barry Judge leaves the company with no explanation as to why.




During Brian Dunns three year term as CEO the stock went from $33 to $22. Dunns claim that this was due to problems they had with their online chime in over Christmas and the slow transformation of their business model, which is where Amazon.com has been taking sh bes of the business. Dunn had mean to cut $800 million in cost by 2015, by closing 50 of their retail stores and opening 100 slender mobile locations in the U.S. Best Buy currently has 1,450 stores in the US and 2,900 globally.
The saga does not stop with Brian Dunns resignation. There are two other factors currently plaguing the electronics giant. On August 6, 2012, Best Buy...If you want to get a full essay, order it on our website: Orderessay



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