With the clock passing on the deadline for the Richard Schulze offer to be filed, Best Buy is now going with the turnaround plan proposed by current CEO Hubert Joly. The deadline for the bid was at midnight Thursday but the lack of debt and equity financing doomed the move to privatize the world's largest consumer electronics chain.
Joly had told Reuters, "We are moving on."
He further added that his team is now focused on an overhaul that would cut costs and boost sales. In its first major move in the first holiday season under the new CEO, the company matched the competitor's online prices to pursue 'showrooming'. This is the retail term for people visiting actual stores to view products only to buy them later or at a discounted price. He also pushed for more training in order for sellers to do better online. The company has also extended its price matching promotion for the whole year.
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