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article imageBest Buy confirms closure of 42 stores by May 12, CEO search

By Andrew Moran     Apr 14, 2012 in Business
Minneapolis - Best Buy announced this weekend the remaining 42 stores that it will be closing across the United States by May 12. A total of 19 stores will be shut down in three states. It also announced that it has begun the search for a new CEO.
Digital Journal reported late last month that Best Buy was undergoing a restructuring process that would include the closure of 50 big box retailers, 400 job cuts and the opening of 100 mobile locations by the fiscal year 2013. It is estimated that it would save the company $800 million by 2015.
On Saturday the electronics outlet said 42 stores across the U.S. would be shut down as part of its restructuring, including seven stores in California, six in Illinois and six in Minnesota. The full list can be found here (at bottom).
“This was not an easy decision to make,” the company said in an official statement. “We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business.”
Earlier this week Digital Journal reported Best Buy CEO Brian Dunn was stepping down. The company later said it was investigating Dunn for a personal conduct issue, the details of which are still unknown.
The Board of Directors also said it is creating a committee to search for a new CEO. It will be headed by Kathy J. Higgins Victor, who will identify internal and external candidates, including interim CEO Mike Mikan, for the position.
“Six search firms will be interviewed and the final search firm partner will be selected in the next few weeks. The search is expected to take six to nine months to complete,” stated the company in a media release. “The board will run an open and transparent process, will publicly announce the committee members and the selected search firm, and will post the job description on the company website, as it does with director searches.”
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