Following the news in January that Best Buy UK was to close, the wider brand continues to make changes to its structure with the latest the departure of its CFO.
Jim Muehlbauer will leave the company at the end of the 2013 fiscal year, following over 10 years of service there.
Best Buy UK, the Carphone-Warehouse £1.1 billion joint venture, began in 2008 and saw 11 'big box' shops opened in 2010 after a delay from the initial projected openings in 2009. It was made to close after losses were revealed of £46.7 million in the six months to September 2011.
Now its wider brand, still the world’s largest electronics chain, is going through a significant change an in August, hired a new chief executive, Hubert Joly, who WSJ reports was “a former top executive at hospitality chain Carlson Cos. with no retail experience”.
This follows the company suspending its earnings guidance following a 91% quarterly profit decline in August.
It is suggested that Best Buy is examining its figures with a possible buyout proposal on the cards.
Source: Wall Street Journal