Retail
Best Buy Spoils Christmas For Customers, CEO Dunn Must Go
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The list of reasons that Best Buy’s (NASDAQ: BBY) board should fire CEO Brian Dunn just got longer. A number of orders made by customers from bestbuy.com will not be delivered by Christmas. And, Best Buy told some of the customers about the problem in only the last day or so.
According to Gizmodo, Best Buy has reacted to the situation with the following statement,
“Due to overwhelming demand of hot product offerings on BestBuy.com during the November and December time period, we have encountered a situation that has affected redemption of some of our customers’ online orders. We are very sorry for the inconvenience this has caused and we have notified the affected customers.”
Best Buy has been one of the most poorly run large companies in America for a number of quarters. Wall St. was deeply disappointed recently when the retailer posted a 22% drop in earnings to $.42 for the quarter that ended on November 26. Best Buy said same-store sales in the next fiscal year will drop 3%.
Best Buy shares have fallen from a 52-week high of $36.33 to $22.99, near a 52-week low. Dunn has been at the retailer for 25 years, and has been CEO since 2009.
Dunn says he “loves” Best Buy. If so, he should do his investors and customers a favor and leave.
Douglas A. McIntyre
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