Venture

Robert Trigaux

Tampa Best Buy to close, latest victim of retail chain's financial, management woes

15

April

 

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Best Buy shares have dropped by more than 50 percent in the past two years.

Wake up and good morning. Been a rough week for the Best Buy retail chain. Not only did its CEO resign for matters of personal conduct (read more here) but the company also just identified the 50 Best Buys of its 1,100 stores it will close.

Two are in Florida and one is in Tampa Bay. That one is the Oldsmar Best Buy at 11655 W. Hillsborough. The other store in Florida is in Fort Myers. Most of the stores will close in May. Here is the Wall Street Journal's list of all 50 to close.

"This was not an easy decision to make," Best Buy says in a news release. "We chose these stores carefully." The company says it will try to place its affected workers elsewhere in Best Buy or provide a severance package. Best Buy operates nearly two dozen big box or mobile stores in the greater Tampa Bay area.

Want more detail on what's happened to Best Buy? Check out the Minneapolis Star Tribune coverage of its CEO Brian Dunn and, of special interest, reported concerns of corporate nepotism and too cozy business ties with founder and chairman Richard Schulze and his family.

-- Robert Trigaux, Business Columnist, Tampa Bay Times

[Last modified: Sunday, April 15, 2012 8:57am]

    

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