Best Buy to eliminate 400 good Twin Cities jobs

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Best Buy promised more layoffs are coming yet this year. Oh goodie!
Over the weekend, the Twin Cities' macroeconomy made headlines thanks to new data showing it has bounced back from the recession stronger than any other Midwest metro.

SEE ALSO: Minnesota's economic recovery driven by McJobs, not middle-class jobs

"Measures of output for the Twin Cities benefit from the relatively high proportion of better paying jobs at big companies like 3M and Medtronic," the Star Tribune reported. "For instance, if companies in each of three cities were to all add one employee... the city where the highest-paid workers are hired will see more economic growth than the others."

In light of that report, we bring you the news that Best Buy is eliminating 400 jobs at its Richfield headquarters.

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Best Buy's coupon mistake allowed customers to spend $800 for $1,600 in Amazon gift cards

Categories: Best Buy
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Why does Best Buy carry Amazon gift cards in the first place?
Talk about adding insult to injury. A Best Buy coupon mistake allowed at least one customer to spend $800 for $1,600 of value toward digging Best Buy's grave -- namely, buying Amazon gift cards.

SEE ALSO: Best Buy's Brian Dunn is the worst CEO of 2012, according to Bloomberg

The mistake was the result of a MasterCard promotion that didn't include enough fine print. Customers using a coupon and a MasterCard could spend $100 and automatically save $50, but the promotion put few limits on what people could buy and apparently no limit on how many times they could take advantage of the promotion.

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Target, Best Buy face boycott from gun rights group

Categories: Best Buy, Target
Target, at least, doesn't seem particularly concerned about the threatened boycott.
A few days before Christmas, The Journal News, A Gannett-owned newspaper covering Westchester and Rockland counties in suburban New York City, used public information to publish an interactive online map with the names and addresses of NYC-area handgun permit holders.

SEE ALSO: Minnesota law already allows teachers to carry guns in classrooms

Believe it or not, the continued online existence of that map prompted the New York State Rifle & Pistol Association to call for a boycott of Target and Best Buy.

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Best Buy's Brian Dunn is the worst CEO of 2012, according to Bloomberg

Categories: Best Buy, Lists
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Poor performance and scandal combined with a rough environment for big box retailers equals the worst CEO of the year.
A couple months ago, Bloomberg Businessweek did a cover story where Best Buy was characterized as a "Big Box Zombie." Now, Bloomberg is dinging former CEO Brian Dunn for being one of the people primarily responsible for the company's zombified state.

SEE ALSO: Best Buy CEO Brian Dunn: Is this his mystery woman? [PHOTO]

In "The Worst CEOs of 2012," Dartmouth business professor and author Sydney Finkelstein puts Dunn at the top of his third-annual list of the worst executives in the world.

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Best Buy, Target both make "Top 10 Commercials of the Week" list [VIDEOS]

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New commercials from Best Buy are Target have been critically acclaimed.
Black Friday, Cyber Monday, Overdrawn Thursday... it's that time of the year again, folks.

-- MN Blue Cross' new anti-obesity ads spark controversy: Do they shame fat people? [VIDEO]
-- Target fires ad agency Wieden & Kennedy [VIDEO]

Which means, among other things, new commercials from retailers, including Best Buy and Target, that would like nothing more than to take some of your money in exchange for holiday gifts.

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Best Buy is a "Big Box Zombie" on the cover of this week's Bloomberg Businessweek [IMAGE]

Categories: Best Buy
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After eating brains, this zombie heads to Best Buy for his electronics needs.
Zombies like to pub crawl, eat brains... and shop at Best Buy?

-- Best Buy's profits down 90 percent
-- Best Buy announces $1.7 billion loss, plans to close 50 stores and cut 400 jobs
-- Best Buy: On the road to extinction?

That's apparently the case, according to the cover of this week's Bloomberg Businessweek, which shows the undead emerging from a Best Buy store with a box of electronics (or maybe Geek Squad brains) in tow. The headline? "Big Box Zombie."

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Best Buy's profits down 90 percent

Categories: Best Buy
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The bleak earnings report comes just a day after Hubert Joly was named CEO.
-- Best Buy founder Schulze announces immediate resignation; move may signal major shake-up
-- Best Buy CEO Brian Dunn: Is this his mystery woman? [PHOTO]
-- Best Buy announces $1.7 billion loss, plans to close 50 stores and cut 400 jobs

Best Buy has been taking a PR beating all year long, and the damage is now starting to manifest itself in dollars and cents.

A new earnings report shows that the company's profits fell a whopping 90 percent during the second quarter this year, from $130 million in 2011 to just $12 million this year. The news prompted Best Buy to announce it won't forecast profit for the second half of this fiscal year and will suspend its share buy-back program.

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Best Buy founder Schulze announces immediate resignation; move may signal major shake-up

Categories: Best Buy
Schulze founded Best Buy in 1966.
This morning, Best Buy founder and chairman Richard Schulze announced his immediate resignation, two weeks earlier than planned when Schulze went public with his exit strategy last month.

But the big news is that Schulze also announced plans "to explore all available options" for his 20.1 percent ownership stake in the company.

The Star Tribune's Tom Lee writes that Schulze's announcement may signal his intention "to possibly take the struggling consumer electronics retailer private with new owners and management."

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Best Buy founder Richard Schulze stepping down as chairman in wake of CEO scandal

Categories: Best Buy
According to today's press release, Schulze "acted inappropriately" with his handling of the Dunn scandal.
This morning, Best Buy announced that founder Richard Schulze is stepping down as chairman in the wake of the scandal surrounding former CEO Brian Dunn.

The announcement comes after an independent investigation into the Dunn scandal found that Schulze "acted inappropriately" when he first heard about Dunn's "extremely close" relationship with a female staffer last December. Instead of informing other board members about the allegations, Schulze confronted Dunn but apparently kept the matter between the two of them.

Dunn's resignation last month was originally portrayed as a "mutual agreement that it was time for new leadership to address the challenges that face the company," but just hours later the Star Tribune reported that the company's board of directors had begun an investigation into Dunn's personal conduct.

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Best Buy CEO Brian Dunn: Is this his mystery woman? [PHOTO]

Categories: Best Buy
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Dayna Cline works at Best Buy's Leadership Institute
Details are beginning to emerge about the woman who led to the abrupt resignation of Best Buy CEO Brian Dunn on Tuesday morning, and the Star Tribune seems to think it knows her identity.

On today's front page, the mystery lady was described as a "29-year-old woman who worked at Best Buy's leadership training institute at its headquarters in Richfield."

Dayna Cline is the "Leadership Institute Coordinator" for Best Buy and appears to be about 29 years old based on publicly available photos.

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