Brian Dunn

Best Buy has agreed to sell its stake in its European business back to Carphone Warehouse, putting to an end the expansion efforts undertaken by former CEO Brian Dunn. 

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

Last June, Best Buy was engulfed in a leadership crisis.

CEO Brian Dunn had resigned in a scandal. Founder Richard Schulze quit as chairman, then became a rival. Its share price was plunging. And shareholders were angry, partly because the board gave Dunn a $5.5 million farewell package.

With damage intensifying, Best Buy's board made an extreme decision: It decided to pay its top executives $500,000 apiece to remain at the troubled electronics retailer, along with up to $2 million in stock. More than 100 other Best Buy executives reportedly got smaller retention

Richard Schulze had a splendid summer of 2012 planned. He had made billions starting Best Buy (BBY) It didn’t work out that way. In April, Schulze’s handpicked CEO, Brian Dunn, was forced out over what the board described as an “extremely close personal...

Best Buy Co Inc's chief financial officer, James Muehlbauer, is leaving the embattled retailer after more than a decade, the company said on Tuesday.

Best Buy, which appointed a new chief executive in late August, said it was looking for a replacement.

"Given the unique relationship between a CEO and CFO, it is not uncommon for a new CEO to bring in his own person," said Best Buy spokesman Matt Furman. Furman could not say where Muehlbauer would go next.

More Blogs