MacNN | Deadline for Schulze Best Buy takeover offer passes
Mac News Network View: Standard | Headlines | Categorized | Slim
Mac News Network
Mac News iPod News Reviews Forums
 

Desktop Headlines
Deadline for Schulze Best Buy takeover offer passes
Friday, March 1, 2013 @ 12:19pm

The attempted buyout of Best Buy by founder Richard Schulze has failed. The deadline has passed for Schulze and his team of investors without a bid having been placed for the ailing electronics retailer, with the news of the failure coming at the same time as the fourth quarter results showed the company made a loss of $377 million for the period, continuing its current financial trend.



Revenues for the quarter reached $16.7 billion, up from the $16.67 billion from the same quarter last year. The loss of $377 million this year is also a year-on-year improvement, last year losing $405 million. Domestic revenues declined 0.3-percent to $12.55 billion, with the closure of 49 big box stores being blamed, though the 0.9-percent comparable store sales increase and revenue from 126 Best Buy Mobile stores helped fill the earnings gap. Online sales increased 11.2-percent, reaching a record $1.3 billion for the quarter. International revenues increased by 2-percent to $4.16 billion compared to $4.09 billion last year. Changes in foreign currency exchange rates were given as the primary reason for the improvement, though it did offset a 6.6-percent decline in comparable store sales. Declining sales in Canada and China, caused through "overall industry softness" and increased competition from e-commerce in China, were offset by positive sales in European locations. The offer of a buyout by Schulze was expected on or before February 28th, but there has been no word from a representative of Schulze or his investment team about the acquisition, valued at an estimated $11 billion. Best Buy released a statement confirming the passing deadline and lack of an offer, and will now "continue to focus on its transformation for the benefit of all of its stakeholders."

Comments on this Article
Print Friendly Version
Email to a Friend
Add MacNN to Your RSS Feeds
Buy from the Apple Store


Related Stories:

Today's MacNN Stories:

  • Vivendi/UMG transfers Beats stake over to Apple in $404M deal [u] - 11:15 AM EST
  • Casio G-Shock GBA-400 includes SoundHound-powered music recognition - 10:43 AM EST
  • NetShade 6 adds KeyShade password manager, UI improvements - 9:57 AM EST
  • Briefly: Wunderlist, Indiegogo apps; Typo 2 keyboard in pre-order - 2:02 AM EST
  • Briefly: Roam Mobility's new low rate plans, iKlip Stage app - 1:10 AM EST
  • Review: SMS Audio Sync Sport on-ear wireless headphones - 12:00 AM EST

    Today's iPodNN Stories:
  • Fired Nokia workers protest Microsoft 'violent' layoffs in China - 10:43 AM EST
  • HP plans Michael Bastian luxury smartwatch launch for this fall - 8:14 AM EST
  • OnePlus OneWatch leaks with round OLED screen, sapphire protection - 6:58 AM EST
  • LG 65-inch curved OLED Ultra HD television rumored to cost $9,000 - 5:57 AM EST
  • Nintendo witnesses another rough quarter, posts $92 million loss - 9:52 PM EST
  • No comments posted on this story yet. Please post yours.
    Your Comments
    In order to post comments, you must be a registered member of the MacNN Forums and logged in. Please login with your MacNN Forums username and password.

    MacNN Forums Login:

    MacNN Forums Password:

    Not a member of the MacNN forums? Register now for free.