Breaking News

Tweet TWEET

BEST BUY STATEMENT ON RESTRUCTURING

(The following is a reformatted version of a press release
issued by Best Buy and received via e-mail. The release was
confirmed by the sender.) 
Best Buy statement on restructuring 
MINNEAPOLIS, February 26, 2013 - Best Buy Co., Inc. (NYSE: BBY)
today confirmed that it has, as part of its Renew Blue
transformation efforts, eliminated approximately $150 million in
SG&A costs, including an approximate 400 person reduction in
employee headcount at its headquarters. The majority of these
savings come from non-salary expenses. This initial reduction
has been achieved by enhancing the focus on the company’s core
business, removing management layers and eliminating operational
inefficiencies. 
Best Buy President and CEO Hubert Joly outlined the company’s
transformation efforts, dubbed “Renew Blue” because of the blue
shirts worn by sales associates, at an investor and analyst
meeting in November 2012. In that presentation, he announced
that Best Buy would remove $725 million in costs. This $150 mm
reduction, executed today, represents the first phase of this
initiative, with additional reductions to come during the year. 
Best Buy will report its Q4 FY13 earnings on Friday, March 1,
2013 and will provide greater detail on its cost reduction
efforts then. 
Today’s announcement does not include any store closures and
“Blue Shirt” sales associates are not affected. Best Buy remains
focused on delivering its customer promise to provide: a low
price guarantee, the latest and greatest devices and services in
one place, impartial and knowledgeable advice, the ability for
customers to shop when and where they want and have support for
the life of the product. 
Amy von Walter
External Communications
Best Buy Co., Inc
612.291.4490: Office
612.437.5956: Cell
amy.vonwalter@bestbuy.com 
(sgp) NY 
#<278855.14078.3.4.1.0.76>#