A good day for Best Buy

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“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#1
Feb 26, 2013
 

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Today, is a sad day for 400 families, but it is a good day for Best Buy. This is part of the process of becoming a healthy company again.

Now all the bleeding heart Libs are going to be screaming at this corporate behemoth that is killing the future for 400 workers.

But the better statement is: This is solidifying the future for over 7,600 employees.

This is what business is supposed to do. In a capitalistic economy, sometimes you win and sometimes you lose. Deal with it. Now letís get on with making Best Buy a solid Minnesota company once again.

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Best Buy cutting 400 jobs at Richfield headquarters

By Tom Webb
02/26/2013 03:23:07 PM CST

Best Buy is cutting 400 jobs at its Richfield headquarters as the electronics retailer launches the first of several major cutbacks to survive in a competitive world.

The company said in a statement Tuesday, Feb. 26, "Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400 person reduction in employee headcount in its headquarters."

Employees were notified Tuesday morning.

The company no longer discloses how many employees it has at its Richfield headquarters, but it has 8,000 employees in its home state of Minnesota, including store employees.

No "Blue Shirt" store employees are being laid off in this round, nor are any more store being closed at this time, the company said.

The much-rumored layoffs follow a pledge Best Buy's new CEO, Hubert Joly, made in November at an investors meeting. Joly promised a leaner operation, vowing to remove $725 million in annual costs.

Best Buy indicated that Tuesday's layoff announcement "represents the first phase of this initiative, with additional reductions to come during the year."

The company said it will provide more details Thursday, when it announces its fourth-quarter earnings.

http://www.twincities.com/ci_22670948/best-bu...
Bushwhacker

Seattle, WA

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#2
Feb 26, 2013
 

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Smart Liberal wrote:
Today, is a sad day for 400 families, but it is a good day for Best Buy. This is part of the process of becoming a healthy company again.
Now all the bleeding heart Libs are going to be screaming at this corporate behemoth that is killing the future for 400 workers.
But the better statement is: This is solidifying the future for over 7,600 employees.
This is what business is supposed to do. In a capitalistic economy, sometimes you win and sometimes you lose. Deal with it. Now letís get on with making Best Buy a solid Minnesota company once again.
----------
Best Buy cutting 400 jobs at Richfield headquarters
By Tom Webb
02/26/2013 03:23:07 PM CST
Best Buy is cutting 400 jobs at its Richfield headquarters as the electronics retailer launches the first of several major cutbacks to survive in a competitive world.
The company said in a statement Tuesday, Feb. 26, "Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400 person reduction in employee headcount in its headquarters."
Employees were notified Tuesday morning.
The company no longer discloses how many employees it has at its Richfield headquarters, but it has 8,000 employees in its home state of Minnesota, including store employees.
No "Blue Shirt" store employees are being laid off in this round, nor are any more store being closed at this time, the company said.
The much-rumored layoffs follow a pledge Best Buy's new CEO, Hubert Joly, made in November at an investors meeting. Joly promised a leaner operation, vowing to remove $725 million in annual costs.
Best Buy indicated that Tuesday's layoff announcement "represents the first phase of this initiative, with additional reductions to come during the year."
The company said it will provide more details Thursday, when it announces its fourth-quarter earnings.
http://www.twincities.com/ci_22670948/best-bu...
Did they cut CEO pay ???

OOPS !!??

Joly, who takes the reins of the company next month, is set to receive an initial annual base salary of $1.175 million. He'll also receive a package of cash and stock worth $16.25 million to compensate for forfeitures incurred as a result of his departure from travel company Carlson Wagonlit, where he was CEO.

This package also includes a conditional stock grant worth $3.75 million, which is subject to the performance of Best Buy's shares.

Beginning in the 2014 fiscal year, Joly will be eligible for a bonus worth up to four times his salary, with a compensation "target value" of at least $8.75 million, Best Buy (BBY, Fortune 500) said in the filing.
- See more at: http://money.cnn.com/2012/08/21/news/companie...
Ralph

Minneapolis, MN

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#3
Feb 26, 2013
 
Smart Liberal wrote:
Today, is a sad day for 400 families, but it is a good day for Best Buy. This is part of the process of becoming a healthy company again.
Now all the bleeding heart Libs are going to be screaming at this corporate behemoth that is killing the future for 400 workers.
But the better statement is: This is solidifying the future for over 7,600 employees.
This is what business is supposed to do. In a capitalistic economy, sometimes you win and sometimes you lose. Deal with it. Now letís get on with making Best Buy a solid Minnesota company once again.
----------
Best Buy cutting 400 jobs at Richfield headquarters
By Tom Webb
02/26/2013 03:23:07 PM CST
Best Buy is cutting 400 jobs at its Richfield headquarters as the electronics retailer launches the first of several major cutbacks to survive in a competitive world.
The company said in a statement Tuesday, Feb. 26, "Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400 person reduction in employee headcount in its headquarters."
Employees were notified Tuesday morning.
The company no longer discloses how many employees it has at its Richfield headquarters, but it has 8,000 employees in its home state of Minnesota, including store employees.
No "Blue Shirt" store employees are being laid off in this round, nor are any more store being closed at this time, the company said.
The much-rumored layoffs follow a pledge Best Buy's new CEO, Hubert Joly, made in November at an investors meeting. Joly promised a leaner operation, vowing to remove $725 million in annual costs.
Best Buy indicated that Tuesday's layoff announcement "represents the first phase of this initiative, with additional reductions to come during the year."
The company said it will provide more details Thursday, when it announces its fourth-quarter earnings.
http://www.twincities.com/ci_22670948/best-bu...
Agree!!

The only way for Best Buy to survive without reductions would be for President Obama to "Grant" the company a bunch of cash.

Of course Best Buy isn't a union shop with a bunch of voters Obama could buy so the Best Buy fends for itself.

The new CEO will execute a plan to restructure and reinvent Best Buy in order to compete with online sources.

The new CEO will be compensated based on how well he does in the difficult task of turning Best Buy into a competative company from its current status of a broken big box store.

A paradigm shift has occurred Best Buy MUST change OR shutter the company.
redeemer

Saint Paul, MN

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#4
Feb 26, 2013
 

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Smart Liberal wrote:
Today, is a sad day for 400 families, but it is a good day for Best Buy. This is part of the process of becoming a healthy company again.
Now all the bleeding heart Libs are going to be screaming at this corporate behemoth that is killing the future for 400 workers.
But the better statement is: This is solidifying the future for over 7,600 employees.
This is what business is supposed to do. In a capitalistic economy, sometimes you win and sometimes you lose. Deal with it. Now letís get on with making Best Buy a solid Minnesota company once again.
----------
Best Buy cutting 400 jobs at Richfield headquarters
By Tom Webb
02/26/2013 03:23:07 PM CST
Best Buy is cutting 400 jobs at its Richfield headquarters as the electronics retailer launches the first of several major cutbacks to survive in a competitive world.
The company said in a statement Tuesday, Feb. 26, "Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400 person reduction in employee headcount in its headquarters."
Employees were notified Tuesday morning.
The company no longer discloses how many employees it has at its Richfield headquarters, but it has 8,000 employees in its home state of Minnesota, including store employees.
No "Blue Shirt" store employees are being laid off in this round, nor are any more store being closed at this time, the company said.
The much-rumored layoffs follow a pledge Best Buy's new CEO, Hubert Joly, made in November at an investors meeting. Joly promised a leaner operation, vowing to remove $725 million in annual costs.
Best Buy indicated that Tuesday's layoff announcement "represents the first phase of this initiative, with additional reductions to come during the year."
The company said it will provide more details Thursday, when it announces its fourth-quarter earnings.
http://www.twincities.com/ci_22670948/best-bu...
So you think best buy is having a good day by laying off 400 of it's employees,and also their down on the big board by losing 0.54 in stock holder profits,you are one dumb batty chick.
redeemer

Saint Paul, MN

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#5
Feb 26, 2013
 

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Bushwhacker wrote:
<quoted text>Did they cut CEO pay ???
OOPS !!??
Joly, who takes the reins of the company next month, is set to receive an initial annual base salary of $1.175 million. He'll also receive a package of cash and stock worth $16.25 million to compensate for forfeitures incurred as a result of his departure from travel company Carlson Wagonlit, where he was CEO.
This package also includes a conditional stock grant worth $3.75 million, which is subject to the performance of Best Buy's shares.
Beginning in the 2014 fiscal year, Joly will be eligible for a bonus worth up to four times his salary, with a compensation "target value" of at least $8.75 million, Best Buy (BBY, Fortune 500) said in the filing.
- See more at: http://money.cnn.com/2012/08/21/news/companie...
Excellent post Champ!
CRASSUS

Green Bay, WI

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#6
Feb 26, 2013
 
redeemer wrote:
<quoted text>
Excellent post Champ!
Have I ever made a post that wasn't excellent?
Ralph

Minneapolis, MN

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#7
Feb 26, 2013
 

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redeemer wrote:
<quoted text>
Excellent post Champ!
Misspelling sb "Chimp".

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#8
Feb 26, 2013
 

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redeemer wrote:
<quoted text>
So you think best buy is having a good day by laying off 400 of it's employees,and also their down on the big board by losing 0.54 in stock holder profits,you are one dumb batty chick.
Hey fake black guy, remember when you told me you were a business man working for one of the Fortune 500 companies in the Twin Cities here?

If your statement above reflects what you know about business, your boss made a huge mistake in hiring your sorry ass.

This was a big step by Best Buy to growing back into what it should be - a solidly performing Minnesota based company that is profitable.
Bushwhacker

Seattle, WA

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#9
Feb 26, 2013
 
Poor troll, need a man, so you came looking for me ? Tell your wife, I'll put her on my log.
Rob

Saint Paul, MN

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#10
Feb 26, 2013
 

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A good day? What an idiotic take on the situation.

Just another step closer to oblivion for their outdated business model. They are basically the showroom for Amazon.
non-starter

Burnsville, MN

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#11
Feb 26, 2013
 

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Bushwhacker wrote:
Poor troll, need a man, so you came looking for me ? Tell your wife, I'll put her on my log.
You couldn't even satisfy your own wife(current ex-wife).

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#12
Feb 26, 2013
 
Ralph wrote:
<quoted text>
Agree!!
The only way for Best Buy to survive without reductions would be for President Obama to "Grant" the company a bunch of cash.
Of course Best Buy isn't a union shop with a bunch of voters Obama could buy so the Best Buy fends for itself.
The new CEO will execute a plan to restructure and reinvent Best Buy in order to compete with online sources.
The new CEO will be compensated based on how well he does in the difficult task of turning Best Buy into a competative company from its current status of a broken big box store.
A paradigm shift has occurred Best Buy MUST change OR shutter the company.
Thanks for your insights.

I am guessing, based on your comments and your location (Prior Lake is home to more Best Buy employees than almost any other southern burb), that you have signigicant knowledge of the goings on at BB.

If you are an insider and one of the survivors, congrats on the move today. Sometimes one really does have to feel some significant pain before they can achieve the growth.
ebtcollector

Minneapolis, MN

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#13
Feb 26, 2013
 
redeemer wrote:
<quoted text>
Excellent post Champ!
With is your point?

Oh you just like copy pasting others words.

IF YOU THINK YOU CAN BE A CEO.
GO FOR IT!

LETS SEE WHAT KIND OF EXPERTISE YOU RETARDS THINK YOU HAVE TO PASS JUDGEMENT ON CEO COMPENSATION.

freaking retarded know nothing idiots.

Did this CEO win a lottery?

Was he born into a CEO position?

"OOH HE MAKES MILLIONS! BURN EM ON THE STAKE! ITS WITCHCRAFT I TELL YOU!"

"Americans have the right to be stupid."
---John Forbes kerry


freaking morons.
God you people are dumb
IrishMN

Seattle, WA

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#14
Feb 26, 2013
 

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ebtcollector wrote:
<quoted text>
With is your point?
Oh you just like copy pasting others words.
IF YOU THINK YOU CAN BE A CEO.
GO FOR IT!
LETS SEE WHAT KIND OF EXPERTISE YOU RETARDS THINK YOU HAVE TO PASS JUDGEMENT ON CEO COMPENSATION.
freaking retarded know nothing idiots.
Did this CEO win a lottery?
Was he born into a CEO position?
"OOH HE MAKES MILLIONS! BURN EM ON THE STAKE! ITS WITCHCRAFT I TELL YOU!"
"Americans have the right to be stupid."
---John Forbes kerry
freaking morons.
God you people are dumb
When you can use contractions, they'll be "big kid" books you can read...
non-starter

Burnsville, MN

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#15
Feb 26, 2013
 

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ebtcollector wrote:
<quoted text>
With is your point?
Oh you just like copy pasting others words.
IF YOU THINK YOU CAN BE A CEO.
GO FOR IT!
LETS SEE WHAT KIND OF EXPERTISE YOU RETARDS THINK YOU HAVE TO PASS JUDGEMENT ON CEO COMPENSATION.
freaking retarded know nothing idiots.
Did this CEO win a lottery?
Was he born into a CEO position?
"OOH HE MAKES MILLIONS! BURN EM ON THE STAKE! ITS WITCHCRAFT I TELL YOU!"
"Americans have the right to be stupid."
---John Forbes kerry
freaking morons.
God you people are dumb
Dumbo and Slewche think you should overpay the unskilled positions and skimp on the management. That works(rolls eyes).
IrishMN

Seattle, WA

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#16
Feb 26, 2013
 

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SKIMP ??? LMAOROTFU~! It's what killed Hostess, dumb*ss !

oly, who takes the reins of the company next month, is set to receive an initial annual base salary of $1.175 million. He'll also receive a package of cash and stock worth $16.25 million to compensate for forfeitures incurred as a result of his departure from travel company Carlson Wagonlit, where he was CEO.

This package also includes a conditional stock grant worth $3.75 million, which is subject to the performance of Best Buy's shares.

Beginning in the 2014 fiscal year, Joly will be eligible for a bonus worth up to four times his salary, with a compensation "target value" of at least $8.75 million, Best Buy (BBY, Fortune 500) said in the filing.
redeemer

Saint Paul, MN

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#17
Feb 26, 2013
 

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Smart Liberal wrote:
<quoted text>
Hey fake black guy, remember when you told me you were a business man working for one of the Fortune 500 companies in the Twin Cities here?
If your statement above reflects what you know about business, your boss made a huge mistake in hiring your sorry ass.
This was a big step by Best Buy to growing back into what it should be - a solidly performing Minnesota based company that is profitable.
Best Buy has been laying off it's employees for the last five years,and I still work for fortune 500 company as a midlevel manager,as a matter of fact,when I worked at the office everyday I was just across 494 from best buy on penn ave.
Who would hire a nutcase like you? you don't know the language of business,do you remember your solution for accounting?no revenues
just cut expense's(spending) your normal teabagger accounting you're a fraud in everything liar,your education can't compete with mines ho!
redeemer

Saint Paul, MN

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#18
Feb 26, 2013
 
CRASSUS wrote:
<quoted text>Have I ever made a post that wasn't excellent?
Your even smarter than SL hahaha
but you let the beetch punk you,she made an ass out of you.
ebtcollector

Minneapolis, MN

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#19
Feb 26, 2013
 
Best buy got complacent.
Its a walking dead company.

Employees were generally eager to help but no incentive for them to know the products.

Geek squad was a disaster with poor quality control and lax ethics.
(Pervs downloading private images for themselves from customer computers)

Prices were inflated with cost of store room and employees.

Dumb suits in corporate stood idly by and watched amazon and walmart eat their market share alive.

Company is too slow...no vision...no future.

Only thing keeping up share prices is promise of a buyout from founder of best buy who will have to spend his fortune to go private.

Then the captain can do what captains are suppose to do.

SINK WITH THE SHIP.

story of entrepreneurs who became successful but then also became complacent.

Best buy has been a dead company since 2008. Died before that but no one noticed the smell.

Good day for best buy is to liquidate and get out of retail.

Survival of the fittest.
And best buy is a middle aged fatass with coronary heart disease waiting for that last heart attack.
redeemer

Saint Paul, MN

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#20
Feb 26, 2013
 
Ralph wrote:
<quoted text>
Misspelling sb "Chimp".
Chimp is your name thanks for the correction ralph crandon
tell alice and norton I said hi hahahahas.

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