Canaccord Genuity Morning Coffee on Best Buy (BBY): Return of the Tech Execs
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Price: $26.03 -0.99%
Rating Summary:
12 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
12 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Canaccord Genuity Morning Coffee on Best Buy (NYSE: BBY): Return of the tech execs.
Best Buy founder Richard Schulze has been recruiting executives to help lead the retailer if his attempt to take the company private is successful, according to a senior Best Buy executive. “He is talking to people he trusts,” J.D. Wilson, Senior VP of enterprise capabilities, said in an interview. “There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack.” Wilson, who said his position is being eliminated as part of Best Buy’s cutbacks, was approached by Schulze in June and said he would work for the company if a deal went through. Schulze also has been seeking to recruit other executives such as former CEO Brad Anderson and working with banks including Credit Suisse (NYSE: CS) to explore a private takeover, a person familiar with the matter told Bloomberg. The source added that Anderson has told other former Best Buy executives he is interested in joining Schulze’s effort. Schulze has been exploring taking the world’s largest electronics retailer private after stepping down as chairman last month, a person familiar with the matter has said. Schulze said when he resigned that he would consider all options, including selling his 20% stake. Best Buy has lost business to online retailers such as Amazon.Com (Nasdaq: AMZN), reporting a net loss of $1.23 billion on revenue of $50.7 billion for the year. This was its first annual loss since 1991, as same-store sales have fallen in seven out the of last eight quarters.
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Best Buy founder Richard Schulze has been recruiting executives to help lead the retailer if his attempt to take the company private is successful, according to a senior Best Buy executive. “He is talking to people he trusts,” J.D. Wilson, Senior VP of enterprise capabilities, said in an interview. “There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack.” Wilson, who said his position is being eliminated as part of Best Buy’s cutbacks, was approached by Schulze in June and said he would work for the company if a deal went through. Schulze also has been seeking to recruit other executives such as former CEO Brad Anderson and working with banks including Credit Suisse (NYSE: CS) to explore a private takeover, a person familiar with the matter told Bloomberg. The source added that Anderson has told other former Best Buy executives he is interested in joining Schulze’s effort. Schulze has been exploring taking the world’s largest electronics retailer private after stepping down as chairman last month, a person familiar with the matter has said. Schulze said when he resigned that he would consider all options, including selling his 20% stake. Best Buy has lost business to online retailers such as Amazon.Com (Nasdaq: AMZN), reporting a net loss of $1.23 billion on revenue of $50.7 billion for the year. This was its first annual loss since 1991, as same-store sales have fallen in seven out the of last eight quarters.
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