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Best Buy Faces The Music, Decides To Dump Musicland.(A)
Byline: PATRICK SEITZ
Consumer electronics retailer Best Buy Co. threw in the towel on its Musicland division Monday, announcing plans to sell the money-losing music and video chain.
Many analysts have long complained that Best Buy's January 2001 acquisition of Musicland Stores Corp. was a mistake.
Musicland's problems, chiefly declining sales of music compact discs, have been dragging down Best Buy's overall performance since early last year.
Best Buy has hired investment banker Goldman Sachs to help find a buyer for the unit.
Minneapolis-based Best Buy paid $685 million for Musicland just over two years ago. Musicland operates 1,200 stores, including 736 Sam Goody music stores. It also runs Suncoast, Media Play and On Cue stores.
Best Buy is clearly committed to exiting the Musicland business no matter what, but finding a buyer could be difficult, some analysts say.
- Best Buy, Musicland deal nearly completed.(BUSINESS)
- Newspaper article from: Star Tribune (Minneapolis, MN) Moore, Janet January 24, 2001 700+ words
...cash tender offer for Musicland's outstanding shares. Best Buy expects to complete...coming weeks, Best Buy will acquire the Musicland shares that were not...as an adviser to Best Buy, approached Musicland Chairman and CEO Jack...
- Best Buy's Musicland Group Unit Continues to Struggle.
- Newspaper article from: Knight Ridder/Tribune Business News March 7, 2003 700+ words
...decline in the "goodwill" value of its Musicland acquisition. Best Buy said Musicland division CD stores posted a 13.3 percent...Rystrom in a research note. In January, Best Buy closed 110 Musicland division Sam Goody and Suncoast stores...
- Best Buy, Musicland Join Retailers Offering Online Sales.
- Newspaper article from: Knight Ridder/Tribune Business News McCartney, Jim May 18, 1999 700+ words
...News May 16 -- Best Buy and Musicland are accelerating...first opportunity. Musicland Stores launches its...month, and Best Buy Co. expects to take...Louis Park-based Musicland Stores. "Maybe...think so." Best Buy is making a major...
- Best Buy reorganizes Musicland unit.
- Magazine article from: TWICE January 20, 2003 700+ words
...footage, and follow the closures of 50 Musicland stores last year. Best Buy acquired Musicland for $685 million in February 2001...change is necessary," said Best Buy CEO Brad Anderson, citing Musicland's financial performance and the...
- National Retailers Best Buy, Musicland Target New Markets, Resize Stores.
- Newspaper article from: Knight Ridder/Tribune Business News McCartney, Jim July 23, 1999 700+ words
...its Express units, Musicland has On Cue stores...low. Although Best Buy still has several...months, from Best Buy's burgeoning e...Doolittle said. Musicland was one of the first...said Jack Eugster, Musicland chief executive...show a blip on Best Buy's radar screen...
- Best Buy Completes Musicland Acquisition.
- Press release article from: Business Wire February 1, 2001 700+ words
...appraisal rights. Best Buy will contact the remaining Musicland stockholders by mail...prompt completion of the Musicland acquisition," said Best Buy Chairman & CEO...talents of the combined Musicland and Best Buy teams to be successful...
- Best Buy cuts Musicland loose; Sun Capital pays no cash in...
- Newspaper article from: Star Tribune (Minneapolis, MN) Levy, Melissa June 17, 2003 700+ words
...escape its long-troubled Musicland acquisition, Best Buy Co. Inc. gave away the...smaller, mostly mall-based Musicland stores. Best Buy was unsuccessful in its...will remain president of Musicland. Best Buy's shares have soared 82...
- Best Buy reassigns Musicland workers; 7 managers released.(BUSINESS)
- Newspaper article from: Star Tribune (Minneapolis, MN) Moore, Janet March 1, 2001 700+ words
...s new owner, Best Buy Co. Inc. About 60 other employees from Musicland's corporate offices...positions at either Best Buy or Musicland. And the remaining 390 employees will stay at Musicland, Best Buy spokeswoman Joy Harris...