Best Buy: There Will Be No Sacred Cows
(May 23, 2012)
-- Best Buy yesterday released another disappointing quarterly
financial report and interim CEO Mike Mikan has seen enough.
The CE retailer said first quarter net income fell 26 percent,
which follows a dismal fourth quarter when the company lost $1.7
billion and was forced to announce the closing of 50 'big box'
Mikan, who replaced former Best Buy CEO Brian Dunn six weeks ago
after Dunn resigned amid personal controversies, says the
company needs to further downsize on a "need to have" basis, not
a "would like to have", reports Home Media Magazine.
The executive acknowledges that Best Buy has lost "that unique
experience" it has once had with customers.
"Best Buy is not performing up to past standards," Mikan said
bluntly in an analysts call following release of the first
quarter report. "We need to change who we are and what we do and
how we relate to customers and shareholders."
He added: "There will be no sacred cows."
Mikan did not divulge any details of likely changes in the
future, but the interim CEO made it clear that Best Buy is ready