I am not an analyst.
I have no inside info (although I was at Best Buy HQ’s yesterday)
Best Buy is a frequent host of the Minnesota Recruiters group
Minnesota based Best Buy has been in the news the past two weeks and it is has not been pretty.
It started with the pre 2011 Christmas debacle of customers who placed orders online as early as Black Friday were notified that their gifts would not be shipped in time for the holiday.
Worse, they were not told until days before.
Today is the report of December 2011 same store sales being down. There was some good news in the report too but many headlines I have seen are focusing on the negative.
Earlier this week (and what has spread online very fast) is this article from Forbes Why Best Buy is Going out of Business...Gradually
Larry Downes starts the article with this:
“Electronics retailer Best Buy is headed for the exits. I can’t say when exactly, but my guess is that it’s only a matter of time, maybe a few more years.”
He takes the company to task on a number of topics from customer service to business model to online vs brick and mortar to their handling of the Christmas shipping issue.
As I post this there are more than 800 comments on the story with thousands of Tweets and Facebook “shares” pointing to it.
Today Best Buy CEO Brian Dunn has a post on his blog My Thoughts on Best Buy’s Recent Media Coverage where he responds to the holiday issue and the Forbes article.
I have many, many friends who work in the Best Buy corporate offices and I know them to be very smart and motivated folks.
I don’t know if Best Buy is in trouble but I do know they have a talented group and if senior management gives them the tools and freedom to do what is needed they can make this one of those “do you remember when” moments and things will be good.
If not…this will be a different kind of one of those “do you remember when” moments.
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