“Best Buy’s board of directors blew it. Shareholders should demand that, to a person, they’re removed and held in contempt,” Rocco Pendola writes for TheStreet.
“The board let investors down. It let Best Buy employees down. And, from a broad perspective, it let the largely pathetic retail space down,” Pendola writes. “If it stays the present course, Best Buy will go out of business.”
Pendola writes, “The company must capture the Walmart and Whole Foods Market audiences and all those in between… An environment that makes Best Buy cool like Apple or Lululemon, as convenient as Amazon.com and as progressive technologically as Starbucks. That’s quite the task. And there’s no way in hell Hubert Joly — the man Best Buy plugged its CEO hole with — can get it done.”
Read more in the full article here.
Floundering Best Buy tries mimicking Apple Retail Stores in makeover – July 5, 2012
Best Buy founder Schulze abruptly resigns, explores options for sale of his 20% stake – June 7, 2012
Best Buy CEO Brian Dunn call it quits – April 10, 2012
Best Buy posts $1.7b loss, to close 50 U.S. stores, cuts 400 corporate-level jobs – March 29, 2012
Best Buy forces customer to buy service plan to get an iPad 2 out of storage – April 11, 2011