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Headquarters: 7601 Penn Avenue South Website: http://www.bestbuy.com Best Buy is the nation's largest specialty retailer of electronics, computers and appliances with stores located in major malls across America. The company's brands include Best Buy, Audiovisions, Best Buy Mobile, The Carphone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales, and The Phone House. Best Buy has 1,099 stores in 49 states and Puerto Rico. The international segment included 2,834 stores which includes Carphone Warehouse in the U.K. and Five Star in China. Best Buy also has special sections in stores featuring Apple products and stores with Best Buy Mobile sections. The company has 305 mini Best Buy Mobile stores and plans to increase this number to 600-800 in three years. In fiscal 2012, the company reported revenues of $50.7 billion, a slight increase from the previous year at $49.7 billion, and net loss of $1.23 billion. The company said it plans to close 50 Best Buy stores this year but open 100 smaller Best Buy Mobile stores. It will cut 400 jobs in corporate and support areas. The company plans to cut $800 million in costs this year. The company also operates Geek Squad, which has nearly 20,000 technicians that provide on-site and in-store support for computer services to consumer and commercial customers. Brian Dunn resigned as CEO in April due to an issue with personal conduct. He was replaced by board member Mike Mikan until a permanent CEO is found. History Originally founded in 1969 by Richard Schulze and a business partner with the first Sound of Music store in St. Paul, MN. The Sound of Music had 9 stores in the Minnesota area and initially sold stereo products. It expanded into video products and then photography, home office products and TVs. In 1983, the company changed its name to Best Buy and opened its first superstore in Burnsville, MN. The company went public on the Nasdaq in 1985. In May 2008, Best Buy paid $2.1 billion to acquire 50% of Carphone Warehouse, a British retailer of mobile phones. Benefits Best Buy benefits coverage is available to employees, spouses, domestic partners and dependants. The full-time benefits offered are grouped together into three areas: Health and Wealth programs and Other Rewards. The Health benefits include medical, dental, vision, life insurance, disability and health and dependent care spending account programs. The Wealth benefits include 401(k) and the Employee Stock Purchase Plan. Best Buy also offers an array of Other Rewards including time-off programs, employee discount, tuition assistance, vendor accommodation programs and more. Updated April 12, 2012 |