Best Buy

Nation's largest chain of electronics stores.

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Headquarters: 7601 Penn Avenue South
Richfield, MN 55423
Employees: 160,000
CEO: Hubert Joly
Stock Symbol: BBY

Website: http://www.bestbuy.com

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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, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales, and The Phone House.

Best Buy has 1,056 stores in 49 states and Puerto Rico. The international segment included 15 Best Buy stores in Mexico and 79 in Canada, 149 Future Shop stores in Canada, and 213 Five Star Appliance stores in China.

Best Buy also has special sections in stores featuring Apple products and stores with Best Buy Mobile sections. The company has 392 mini Best Buy Mobile stores in the U.S. and 47 in Canada.

In fiscal 2013, the company reported revenues of $49.6 billion, a slight decrease from the previous year at $50.0 billion, and net loss of $249 million.

Geek Squad has nearly 20,000 technicians that provide on-site and in-store support for computer services to consumer and commercial customers.

The company announced in March it will cut 400 jobs at its headquarters.

Best Buy has been hurt the past several years by Internet retailers offering lower prices than the company. In March, Best Buy announced it will offer a Low Price Guarantee that will match all local retail competitors and 19 major online competitors on nearly all in-stock products if asked by a customer. Best Buy will match prices from these online retailers: Amazon.com, Apple.com, Bhphotovideo.com, Buy.com, Crutchfield.com, Dell.com, Frys.com, hhgregg.com, HP.com, HomeDepot.com, Lowes.com, Newegg.com, OfficeDepot.com, OfficeMax.com, Sears.com, Staples.com, Target.com, TigerDirect.com and Walmart.com.

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 March 2, 2013