Best Buy's Bid for Time

A Best Buy store in Peoria, Ill. Photograph by Daniel Acker/Bloomberg

Best Buy’s earnings report is due Tuesday and, like a kid who knows his report card looks grim, the struggling electronics retailer is trying gamely to change the subject. Its board named a new chief executive on Monday, hours after announcing that takeover negotiations with founder and ex-chairman Richard Schulze had fizzled. A clear sign that the board won’t be taking the company private after all, the CEO change flustered investors and left analysts skeptical that Tuesday’s earnings call will offer much in the way of a turnaround strategy, especially since the incoming CEO, Hubert Joly, doesn’t yet have a U.S. visa.

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