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Home > Blogs > Here's the Deal > Archives > 2008 > December > 16 > Entry
Best Buy has good quarter, looks to cut jobs
CNBC reported this morning, Dec. 16, that Best Buy had a better-than-expected quarter and plans to offer buyouts and trim back store openings as consumers cut spending, sending shares up nearly 16 percent.
The story says that Best Buy, the top consumer electronics retailer, has been trying to counter the U.S. recession and fend off increased competition from discounters like Walmart, which has stepped up its product offerings and cut prices in the key holiday shopping season.
“We believe that there has been a dramatic and potentially long-lasting change in consumer behavior as people adjust to the new realities of the marketplace,” Best Buy Chief Executive Brad Anderson said in a statement.
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