Richfield

Analysts say the company will now rely on its internal talent such as Sharon McCollam and Scott Durchslag in its next moves.

Best Buy Co. Inc.'s decision to pull the plug on its partnership with Carphone Warehouse in Europe is not just a partial retreat from the world stage. It also suggests that the Richfield-based consumer electronics retailer, which has leaned on joint ventures, consultants and strategic alliances, will need to seek its best ideas from within the company instead of outside it.

Best Buy said Tuesday it will sell its 50 percent

Best Buy founder Richard Schulze's bid to purchase the company may have ended in disappointment but that doesn't mean Schulze plans to go into exile anytime soon.

Last Friday, Schulze visited the retailer's headquarters in Richfield and spoke at some length with CEO Hubert Joly, according to a source close to Schulze.

The company declined to comment.

Perhaps Schulze gave Joly some clue about whether he will rejoin the board of directors. Schulze has until this Friday to nominate candidates to fill the two board seats the company granted him because of his 20 percent

Best Buy has gotten tougher on sending unsold merchandise back to vendors - a strategy that helped deliver its surprisingly strong fourth-quarter cash flow.

The Richfield-based consumer-electronics retailer reported adjusted free cash flow of $965 million for the three-month period ended Feb. 2, nearly double its prior guidance. (The company's revenue and earnings also beat Wall Street estimates.)

Following an inventory review, Best Buy (NYSE: BBY) stepped up its return-to-vendor efforts, resulting in "well over $300 million" of additional cash flow, Best Buy Chief Financial Officer Sharon McCollam said during the company's

Best Buy Co. laid off 400 employees Tuesday at its corporate headquarters in Richfield, the first major salvo in CEO Hubert Joly's campaign to transform the lumbering $50 billion giant into a more nimble retailer equally at home in malls and cyberspace.

Joly made the downsizing move just days ahead of what could be a crucial point in the company's 47-year history. Founder Richard Schulze faces a Thursday deadline to make an offer to buy the company. Schulze's decision will have profound consequences on the future of Best Buy

Best Buy Co. Inc., whose prices and products are named in ads by rival Wal-Mart Stores Inc., says the ads are misleading.

The Wall Street Journal reports that Richfield-based Best Buy, along with New Jersey-based Toys "R" Us Inc. and several regional grocery chains, have filed complaints with attorneys general in several states saying that the Walmart ads use inaccurate prices or don't compare the same items.

Best Buy, for example, cites a Walmart ad that claims it was selling a Dell laptop for $251 less than Best Buy

Best Buy has canceled its investors meeting in New York on Thursday.

The Richfield-based consumer electronics giant had hoped CEO Hubert Joly could outline his strategy to Wall Street before founder Richard Schulze makes an expected $8 billion to $10 billion bid to purchase the company.

Hurricane Sandy has pretty much interrupted those plans: Lower Manhattan, including Wall street, is still pumping out water


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