Best Buy Essay

When Best Buy got the new name in 1983 and then went public in 1985, the company raised $8 million through an IPO, and in 1987 Best Buy gained a listing on the New York Stock Exchange. Over the years in the New York Stock exchange, Best Buy has done good and bad like any other company. The new Concept stores ideas has helped Best Buy to be financially okay, and also having good services like the Geek Squad. Best Buy has also tried to grow internationally, but it has failed, they were forced to close many of their large-format stores in China, Turkey, and the UK. In Europe, they operated a joint venture with the Carphone Warehouse Group, Best Buy had to sell its stake in the partnership for less than half of what it paid in 2008 all due to losses in Europe. The company now mostly focuses on local segments of their revenue. Therefore 11% of Best Buy’s revenue is due to the international segment of the company, which includes stores from Canada and Mexico too. …show more content…
Best Buy had to pay a $3.8 million civil penalty for distributing and selling about 600 potentially hazardous products between 2010 and 2015, which included about 400 Canon cameras in this case. They also had to do a compliance program with the Consumer Product Safety Act, and agree to maintain a system of procedures and internal controls. Sales have also decline last year in 2016, like I have said due to competition from larger or online retailers. The company’s revenue decreased 2% to $39.6 billion during 2016, due to their international business failing by foreign currency exchange rates being unfavorable and also some stores closing in Canada. Despite opening 13 international stores in 2014, the company had to close 27 stores where international performance was not good. In Canada, they had to close 66 Future Shops stores and they had to bring together the 65 Future Shops stores that remained, back in