Best Buy stock hits a 10-year low

  • Article by: THOMAS LEE , Star Tribune
  • Updated: October 26, 2012 - 8:51 PM

Experts say Best Buy's sliding finances and a looming buyout bid are forcing CEO Joly to rush out a turnaround strategy.

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cman2500Oct. 26, 12 9:26 PM

The song by the Doors This is the end comes to mind.The economy is going in the toilet and fast.I see another circuit city it is what it is.Pretend and pray won't change this story. Best Buy Co. Inc. (BBY-NYSE 14.96 0.21(1.38%) this says it all.No further comments needed !!

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utah79Oct. 27, 12 2:56 AM

Best Buy could of been a good store. They only have themselves to blame. Talk about poor management.

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tripdudeOct. 27, 12 6:13 AM

Just what I had predicted on the big day the announcement was made. Who's idea was it to bring this cowboy into the mix. We all saw his failed attempt at Carlson. How many chances do these over paid executive's get to prove they aren't worth the paper their contracts are written on. Shame on everyone involved in that decision. Mr Shultz to the rescue please!!!

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longmemoryOct. 27, 12 6:53 AM

It starts at the top. At first we were loyal customers. We were driven away eight years ago by a pompous corporate culture. It's not a privilege to buy something. It's an honor to SELL something.

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notrikybobbyOct. 27, 12 9:19 AM

As a long term BBYer who has now since moved on - this whole situation is just sad. It all could have been prevented if Dick and Brad would have seen the value of investing in digital (NOT Napster...) versus building more boxes in the early 2000's. Hubris is the word that I use to best describe what plagued the senior leadership at BBY at that time. And then you have the BJD era, a "good guy" but a terrible CEO that had no vision for the company. He also had a grand sense of entitlement and got caught up in his own sense of "fame". Now, under Jolly-man the company is rife with absentee leadership where personal agendas take precedence over customer centricity- the new leadership mantra is "every man for himself". At the end of the day, who ultimately loses? The customer, the non-executive employee, and of course the shareholder. My prediction, 3-5 years and BBY as we know it will no longer exist. Geek Squad, Mobile, and maybe ExB can survive as stand alone brands. The Titanic has hit the iceberg and the ship has already begun to sink. There is no turning back now. Like I said in the beginning, it's just plain sad.

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valkyrie11Oct. 27, 12 9:47 AM

A large amount of items at Best Buy (electronics, etc.) you can buy a lot of these same items at Walmart. I just wonder how bad it's gonna hit MN when they close that HUGE office complex off of I494, not to mention the amount of jobs will be lost. I sure hope they can figure it out.

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rickbmnOct. 27, 1210:18 AM

"Rush" a turnaround strategy? Joly was given a multi-million dollar contract to turn the place around because it was crashing. What the heck did he think he was there to do in the first place (other than walk away with millions of shareholder dollars)? When customers and Wall Street see the light getting dim quickly, one would think a turnaround CEO would see the light. Sotckholders: here's a clue.....

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okeedokeeOct. 27, 12 3:10 PM

Keep in mind, Dick, Brad, and Al are the ones who drove this company into the ground while each taking tens/hundreds of millions of dollars of compensation. Why does anyone believe they can resurrect it?

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nuguy72Oct. 27, 12 5:11 PM

They wouldn't give me a job when I was unemployed in 2009. Just a lame excuse I was over-qualified at the age of 55. Ever notice all the college aged kids in their ads. No middle age adults who would "work rings around" their current staff. Forget Best Buy!

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