☛ MSNBC: Best Buy to close 50 stores in restructuring
Like Borders before it, analysts are painting the wrong picture about Best Buy’s slow demise.
Bricks-and-mortar retailer Best Buy has struggled in recent years as it has faced fierce competition from e-commerce giants such as Amazon.com and eBay.
Wrong, sir! Wrong!
Best Buy has struggled in recent years for two reasons: (a) the American middle class that was able to support the plethora of redundant retail chains with accessible credit cannot do so any longer, and (b) Best Buy’s stores, both online and brick-and-mortar, absolutely suck. Regardless, this restructuring is a delay tactic while Best Buy’s executives finish stuffing their golden parachute packs.
What I particularly love about this story is that, less than two months ago, Best Buy told employees “don’t worry about stores being closed. we’re opening stores in China.”