Best Buy CEO outlines turnaround plans
NEW YORK (AP) — Best Buy CEO says it's time to embrace "showrooming."
Ten weeks into the job, Hubert Joly (HYOO'-behr joh-LEE') says the consumer electronics chain's results have been unsatisfactory, and the company must work to stabilize sales trends and increase profitability.
In a meeting with analysts Tuesday, he outlined a plan to cut costs, rethink store sizes and improve customer satisfaction in stores and online. He also says Best Buy must convert people who come into stores to "showroom" — or check out products to buy them cheaper online — into buyers.
The struggling electronics chain, which is based in Minneapolis, tapped Joly in August to reverse a decline in its business. Competition is increasing from online stores and discounters, while the weak economy has sapped demand.
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