Best Buy Spoils Christmas For Customers, CEO Dunn Must Go

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By Douglas A. McIntyre Updated Published
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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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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