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March 1, 2013 01:50 pm EST
Original Link: http://www.engadget.com/2013/03/01/best-buy-q4-2012/
Best Buy announces fourth quarter net loss of $377 million, no rescue bid coming from founder
It's a hard time to be in the tech-retail sector, a fact that Best Buy knows all too well. The business has announced a fourth quarter net loss of $377 million on revenues of $16.7 billion. CEO Hubert Joly was upbeat despite the bad numbers, saying that the company's domestic sales helped offset its failures overseas. At the same time, Best Buy announced that founder Richard Schulze's attempted bid to buy back his company had failed, as the deadline for his offer expired at the end of February. As such, the company will now concentrate on turning a profit without any Apple store-style reinvention.
Filed under: Misc
Original Link: http://www.engadget.com/2013/03/01/best-buy-q4-2012/
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Engadget
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WIMore About this Source Visit Engadget