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Wow - $10 million a year and he still is lousy at his job - how do I sign up? I promise to be no worse than this guy and I'll take only $5 million a year.
Best Buy is a victim of a lousy economy (unadjusted unemployment rate currently is 8.7%) and a changing marketplace. Even Target has been complaining about people using their stores as showrooms and then buying online to save some money. Interestingly, some of those online sales probably would not occur if not for the brick and mortar stores displaying the merchandise that people evaluate before buying. Not many retailers are doing well now. Target, JC Penny, and many other retailers had disappointing Christmas sales. Electronics are a luxury item and these tend to suffer ahead of recessions. I believe we are heading into another recession for a combination of reasons including high gas prices and never-ending demands for tax increases. The "evil rich" aren't going to invest in an environment of rising taxes and massive $1.3 trillion Democrat deficits and this means less jobs for the masses and more penny pinching and less discretionary spending, all of which is bad for Best Buy. Don't skewer the CEO of Best Buy. He did not create this rotten economy. Obama and the Democrats did.
I don't know that Dunn is the real problem. He might be the unluckiest CEO alive to inherit a company with a business model that just can't compete in an online world. The era of the "Big-Box" is gone...you just can't turn the square footage enough to justify the overhead. Brad Anderson knew what he was doing by bailing out when he did. To save the company, Dunn will have to streamline and make some painful cuts, much deeper than he has had to so far.
Maybe they need to sell some of that sprawling campus in Richfield.
I suspect this will not be the last round of store closings.
Maybe the open contempt Best Buy often shows for its customers is finally being repaid in kind.
Look, the negativity on this story sucks.
Dunn came from the stores and he's dying by the stores.
Don't blame the guy for what the manufacturers have allowed the on-liners to do , and with no taxes! Where's Barry when there's a pot of gold like that that he can redistribute????
400 jobs is 400 families, too. Maybe yours, or your neighbors.
With that analogy, the Vikings want what?
He was an operational CEO focusing on the processes, not business innovation. Best Buy need an innovator who understands the intersection of efficient brick & mortar/service/web. They need smaller stores that cost less to operate, a new focus on face to face service and a web presence that is $ and functionally competitive with other online options. This can be fixed.
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