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. Incoming 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.
