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62-581: Mat Povse - Senior Vice President, Retail & Services Future Shop was a Canadian electronics store chain. It was established in 1982 by Hassan Khosrowshahi . By 1990, the chain had become the country's largest retailer of computer and consumer electronics . In October 2012, the company operated 149 locations across Canada. In November 2001, Future Shop was acquired by the similar American chain Best Buy for C$ 580 million. Although Best Buy began to establish Canadian locations under its own name following

124-575: A Minnetonka, Minnesota -based retailer that sold home-entertainment products under the Sam Goody, Suncoast Motion Picture Company, Media Play, and OnCue brands. Best Buy purchased the company for $ 425 million in cash and the assumption of $ 271 million of Musicland debt. Later that year, Best Buy acquired the British Columbia , Canada-based electronics-chain Future Shop Ltd. , marking its entrance to

186-644: A Seattle -based broadband VOIP , data, and IT services provider. The acquisition was worth $ 80 million, and under terms of the deal, Speakeasy began operating as a wholly owned subsidiary of Best Buy. The company's products also became part of Best Buy's For Business program. Best Buy also expanded its Geek Squad market tests in March, opening Geek Squad precincts in FedEx Kinkos stores located in Indianapolis and Charlotte, North Carolina . In October 2007, Best Buy became

248-900: A "long-term transformational strategy to optimize the company's retail footprint across the country." The company also planned to target more resources toward its online retail operations to compete against other major vendors such as Amazon.com . These closures included locations in New Westminster , Nanaimo , Victoria , Langford , Surrey , Lachenaie , and Sherbrooke . On January 30, 2014, 950 employees of both chains were laid off. In 2014 and early 2015, other Future Shop locations were closed, including those in Boucherville , Greenfield Park , Montreal, Ottawa , Regina , Kingston , New Minas , and New Glasgow . On March 28, 2015, Best Buy Canada announced that Future Shop would cease business effective immediately. 66 locations were permanently closed, and

310-507: A Best Buy-branded mobile retailer. Best Buy Mobile standalone stores were opened in shopping malls and urban downtowns. These Best Buy Mobile outlets were also added in all Best Buy-branded stores. In June 2009, Brian J. Dunn became Best Buy CEO. Dunn replaced Brad Anderson, who was retiring. Dunn had joined Best Buy in 1985 as a sales associate. In 2000, Dunn became senior vice president of East Coast operations and president of North American retail operations in 2004. His most recent position

372-531: A Best Buy. The closures affected 1,000 part-time and 500 full-time jobs. In turn, Best Buy Canada announced that it would invest at least $ 200 million over the next two years to increase staffing and add home appliance departments to all stores. Canadian Best Buy locations will honour Future Shop warranties and gift cards. Electronics store The origins of the consumer electronics store can be traced back to phonograph dealers in 1893, including specialized phonograph stores, as well as music stores which carried

434-466: A centralized service desk and implementing a "store-within-a-store" concept for Pacific Kitchen & Bath and Magnolia Design Center. In April 2012, Brian Dunn resigned as Best Buy's CEO during an internal company investigation into allegations of personal misconduct stemming from an inappropriate relationship with a female Best Buy employee. Best Buy named Director George L. Mikan III interim CEO following Dunn's resignation. The internal investigation

496-568: A chain of consumer and home electronics stores and take over the Canadian retail market. His associate, Ardeshir Ziabakhsh (Ardy Zia), took the role of president and CEO of the newly formed company and Khosrowshahi served as chairman and founder. In 1983, Future Shop opened the first three stores, all of which were in British Columbia. The company sold computers, software, games, videocassettes, audio equipment, music, and other items. By December 1983,

558-539: A class-action lawsuit filed against them in April 2010 by consumers who claimed Best Buy was making unsolicited phone calls in contravention of the Telephone Consumer Protection Act . In the second quarter of 2007, Connecticut Attorney General Richard Blumenthal ordered an investigation into the company's use of an in-store website alleged to have misled customers on item sales prices. In December 2007,

620-636: A high-volume, low-price business model, which was borrowed partially from Schulze's successful Tornado Sale in 1981. In its first year, the Burnsville store out-performed all other Best Buy stores combined. Best Buy was taken public in 1985, and two years later it debuted on the New York Stock Exchange . In 1988, Best Buy was in a price and location war with Detroit -based appliance chain Highland Superstores , and Schulze attempted to sell

682-550: A hospitality conglomerate, since 2008. He led initiatives such as price matching, speeding up delivery times for online purchases, establishing " store within a store " sections for major brands such as Apple , Google , Microsoft , and Samsung , and giving more product training to employees. In April 2013, Best Buy exited the European consumer electronics market when it sold its 50% stake in The Carphone Warehouse back to

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744-700: A majority interest in Chinese appliance retailer Jiangsu Five Star Appliance for $ 180 million. At the time of the deal, Jiangsu was the fourth-largest appliance chain in China with 193 stores across eight Chinese provinces. In June, the company opened Geek Squad precincts at Office Depot in Orlando, Florida . The market test was later expanded to Denver . In January 2007, the first Best Buy-branded store in China officially opened in Shanghai. In March 2007, Best Buy acquired Speakeasy,

806-507: A position he had held since 1991. In September of that year, Best Buy opened the first Canadian Best Buy-branded store in Mississauga, Ontario . In October, Best Buy acquired Minneapolis-based Geek Squad, then a 24-hour residential computer repair business with offices in Minneapolis, Chicago , Los Angeles , and San Francisco . Best Buy stores in the U.S. surpassed the 600-store mark and

868-665: A separate division following the purchase, acknowledging the strength of the brand. However, in 2002, the company began to open Best Buy locations in Canada as a secondary chain. The dual-banner strategy sought to improve the company's Canadian market share by providing new options to consumers; the chains were differentiated primarily by their in-store experiences and promotional strategies, as Future Shop continued to use commission -based salespersons and featured home appliance selections, while Best Buy used non-commissioned salespersons and featured more interactive displays. The differences between

930-775: A single campus in Richfield, Minnesota . In January 2004, Best Buy hired Virtucom Group to revamp Best Buy's website and handle all of the company's online content. In May, the company launched its "customer centricity" program, which segmented its stores according to customer profiles. The program also called for employees to focus on specific customer groups rather than product categories. In October, Best Buy completed rolling out Geek Squad "precincts" in every American Best Buy store. In April 2005, Best Buy began eliminating mail-in rebates in response to negative customer reaction against them, and instead started giving out instant rebates via notebook computers. In May 2006, Best Buy acquired

992-657: A stock room, had fewer salespersons and provided more self-help product information for its customers. Best Buy also did away with commissioned salespeople. The commission-free sales environment "created a more relaxed shopping environment free of the high-pressure sales tactics used in other stores," but was unpopular with salespersons and suppliers. Upset that their products would no longer be pushed by salespeople, some suppliers such as Maytag , Whirlpool , and Sony stopped selling in Best Buy stores altogether. The suppliers returned after Best Buy's sales and revenue grew following

1054-462: A wholly owned subsidiary of Best Buy in 2009. In December 2011, Best Buy purchased mindSHIFT Technologies, a company that provided IT support for small and medium-sized businesses, for $ 167 million. In 2012, in response to overall revenue decline, Best Buy announced plans to undergo a "transformation strategy". Stores began to adopt a redesigned "Connected Store" format, providing the Geek Squad with

1116-479: A wide, often high-end selection of merchandise, and facilities where customers could experience the sound and video of the components By the 1980s and 1990s, the U.S. was covered by pan-regional and national chains of big box retailers , such as the defunct Circuit City and The Good Guys and the extant Best Buy , where audio and video was a major line of merchandise, next to home appliances, cellphones and computers, putting pressure on independent dealers. As by

1178-473: A wider array of music-related merchandise. With the advent of radio, with radio receiving equipment being sold by specialist electric hardware shops, there was controversy as to whether radio equipment manufactures should sell wholesale to phonograph and music stores, and to department stores, but in 1923 Federal Telephone & Telegraph Co. started doing so and other manufacturers started suit. Wireless Age estimated that there were 15,000 phonograph dealers in

1240-524: The Los Angeles Times reported on the same issue, in which some customers claimed they thought they were surfing the Internet version of bestbuy.com at an in-store kiosk only to learn that the site reflected in-store prices only. In response, company spokesperson Sue Busch indicated the in-store kiosks were not intended for price-match purposes and rather were a means to navigate in-store availability. Since

1302-456: The HD DVD format, a move which ultimately contributed to Toshiba's decision to drop HD DVD. In May, the company agreed to buy 50% of the retail division of The Carphone Warehouse, a London, England -based mobile phone retailer. The deal was worth $ 2.1 billion. In July 2008, Best Buy announced that it would start selling musical instruments and related gear in over 80 of its retail stores, making

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1364-529: The Roseville location, at the time the largest and most profitable Sound of Music store, was hit by a tornado. The store's roof was sheared off and showroom destroyed, but the storeroom was left intact. In response, Schulze decided to have a "Tornado Sale" of damaged and excess stock in the damaged store's parking lot. He poured the remainder of his marketing budget into advertising the sale, promising "best buys" on everything. Sound of Music made more money during

1426-449: The 2010s, technology provided the vast majority of consumers with a high quality audio and video experience via their smartphone and cheap flatscreen televisions, a mass consumer market in the U.S. for larger audio and video components — other than televisions and smaller items — has vanished. Best Buy and a few regional chains remain in business. The independent dealers that remain cater to an ever more sophisticated niche of those looking for

1488-786: The 2018 Fortune 500 list of the largest United States corporations by total revenue. On August 22, 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in St. Paul, Minnesota . Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family's home. In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company. Sound of Music earned $ 1 million in revenue and made about $ 58,000 in profits in its first year. In 1969, Sound of Music had three stores and Schulze bought out his business partner. Sound of Music operated nine stores throughout Minnesota by 1978. In 1981,

1550-551: The Canadian division of Computer City from CompUSA , three months after the Computer City chain had been merged into CompUSA and either converted to CompUSA or closed and liquidated. During the next year, two of the Computer City retail stores were liquidated because of poor sales. In addition, the competing Adventure Electronics in Ontario and Quebec closed, leaving Future Shop as the only big-box electronics retailer in Canada. By

1612-664: The Canadian franchises of RadioShack , which were later acquired by Circuit City and, in turn, Bell)—which primarily operates in malls and smaller markets—would be rebranded as Best Buy Express. The stores will receive inventory from Best Buy and integrate with its e-commerce operations, but will continue to otherwise be owned and operated by BCE under license , and exclusively offer wireless services from Bell Canada and its subsidiaries. The first location opened in Surrey, British Columbia in June 2024; 167 of The Source's locations will be renovated to

1674-447: The European market in April 2013, selling its stake in the business back to its partner Carphone Warehouse . Best Buy also produces products under eight house brands : In 2000, two Florida consumers brought a lawsuit against the company, alleging that it engaged in fraudulent business practices related to the sale of extended warranties (or, more accurately, service plans ). The suit claimed that store employees had misrepresented

1736-531: The Go (mobile phones and audio products). A central hub was staffed by "connectivity experts", whom customers could consult for personalized advice on technology options. In December 2011, Future Shop opened a liquidation store in Greenfield Park, Quebec . On January 31, 2013, Best Buy Canada announced that it would begin to close various locations, including eight Future Shop locations effective immediately, as part of

1798-684: The U.S. in that year. In the mid-1950s, hi-fi stereo equipment hit the mainstream market and references began to "hi-fi stores". As demand grew for sets of audio components such as tuners, phonographs, receivers and speakers, many regional specialty audio/video chains were established and grew through the 1980s. Boston's Tweeter grew and eventually purchased chains in other regions, such as Bryn Mawr Stereo (Philadelphia), Hi-Fi Buys (Atlanta) Showcase Home Entertainment and Dow (San Diego). These chains added value versus other retailers of audio video equipment such as department stores, discount stores and appliance stores, by providing highly trained salespeople,

1860-553: The UK-based mobile phone retailer. The sale was worth around $ 775 million. An increasing trend towards online shopping began to erode revenues and profits in the 2010s. A 4% dip in sales for the June 30, 2014, quarter, marked the 10th quarter in a row where Best Buy's sales had declined. The company, in announcing the result, said it was focusing more on digital media in its marketing, moving away from newspaper, magazine, and television advertising. On March 28, 2015, Best Buy announced

1922-545: The United Kingdom, all of which were closed in early 2012. In November 2011, Best Buy purchased The Carphone Warehouse's share of Best Buy Mobile for $ 1.3 billion. Best Buy and The Carphone Warehouse maintained their Best Buy Europe joint venture, which at the time operated 2,500 mobile phone stores throughout Europe. The company closed all of its Best Buy-branded stores in China by February 2011, when it merged Best Buy China's operations with Jiangsu Five Star, which had become

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1984-511: The United States. In Canada, carriers include Bell Mobility , Rogers Wireless , Telus Mobility , their fighter brands , and competing smaller carriers, such as SaskTel . Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019. According to Yahoo! Finance , Best Buy is the largest specialty retailer in the United States consumer electronics retail industry. The company ranked number 72 in

2046-497: The company cut its forecast for the remainder of 2022. On October 13, 2023, Best Buy announced that it would phase out the sale of home video on physical media in early 2024, citing changes in the market due to the prevalence of streaming video on demand services. On January 18, 2024, BCE Inc. announced an agreement with Best Buy's Canadian division, under which selected locations of its competing chain The Source (originally

2108-572: The company opened its first global-sourcing office in Shanghai in 2003. In June, Best Buy divested itself of Musicland in a deal with Sun Capital Partners under which Sun Capital received all of Musicland's stock and debt. Best Buy launched its "Reward Zone" loyalty program in July following an 8-month test of the program in San Diego, California . Also in 2003, Best Buy's corporate offices were consolidated into

2170-552: The company the second-largest musical-instrument distributor in the US. Best Buy became the first third-party retail seller of Apple's iPhone in September. Later that month, the company agreed to acquire Napster for $ 121 million. In December, Best Buy opened its first store in Mexico. In February 2009, Best Buy leveraged its partnership with The Carphone Warehouse to launch Best Buy Mobile,

2232-406: The company to Circuit City for US$ 30 million. Circuit City rejected the offer, claiming they could open a store in Minneapolis and "blow them away." In 1988, the company introduced a new store concept dubbed "Concept II". Concept II replaced dimly lit industrial-style stores with brighter and more fashionably fixtured stores. Stores also began placing all stock on the sales floor rather than in

2294-427: The company's revenue. On May 9, 2018, the company unveiled a new logo for the first time in nearly three decades. On July 2, 2018, Best Buy announced it was cutting the amount of store space devoted to selling physical music, citing the popularity of streaming services as having reduced sales. On April 15, 2019, Best Buy announced that in June 2019, its current CFO, Corie Barry, would replace Hubert Joly who held

2356-520: The end of 1995, Future Shop's sales had reached more than $ 1 billion, with more than $ 38 million in EBITDA (earnings before interest, taxes, depreciation and amortization). In 1997, Future Shop announced a change in management, with Ziabakhsh leaving the company. Khosrowshahi took on the roles of president and CEO, in addition to serving as chairman. Many people from company headquarters were let go during this transitional period. In 1998, Future Shop purchased

2418-452: The end of 1998, the U.S. locations of Future Shop were performing poorly, with $ 53 million in losses over the last few years, and Future Shop projected another $ 30 million in losses would occur by the end of the next year. After major losses in sales, in March 1999, the company announced that it would close U.S. operations, holding liquidation sales and closing down in the summer. The closures left Future Shop with 81 stores across Canada. Many of

2480-566: The entrance designed to look like a blue box emerging from the structure. Corporate employees operated under a results only work environment from 2005 until March 2013, when the management style was abandoned by Best Buy CEO Hubert Joly. As of October 29, 2016, Best Buy operated 1,026 Best Buy, 331 Best Buy Mobile stand-alone stores, and 28 stand-alone Pacific Sales stores in the US. Best Buy also operated: 135 Best Buy and 53 Best Buy Mobile stand-alone stores in Canada; and 18 Best Buy stores and 5 Best Buy Express stores in Mexico. Best Buy exited

2542-697: The faction was merged with Five Star) and in Mexico until December 2020 (due to the effects of the COVID-19 pandemic). The company also operated in Europe until 2012. Its subsidiaries include Geek Squad , Magnolia Audio Video, and Pacific Sales . Best Buy also operates the Best Buy Mobile and Insignia brands in North America, plus Five Star in China. Best Buy sells cellular phones from Verizon Wireless , AT&T Mobility , T-Mobile , Boost Mobile and Ting Mobile in

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2604-612: The first consumer-electronics retailer to exit the analog television market, carrying only digital products that became mandatory in June 2009 by the FCC . In February 2008, Best Buy opened its first store in San Juan, Puerto Rico . Best Buy's Geek Squad market tests in Office Depot and FedEx Kinkos stores ended by March. Also in March, the company began promoting the Blu-ray optical-disc format over

2666-565: The first month all of the Future Shop stores were opened and making business, the company reached $ 2.8 million in sales. By 1990, Future Shop became the largest retailer of computers and consumer electronics in Canada and was operating 38 stores across the country and some areas of the United States. In August 1993, Future Shop went public on the Toronto Stock Exchange , making $ 30 million to be used for expansion and to pay off debt. By

2728-755: The format by the end of 2024, with the remaining locations being closed. Best Buy sells consumer electronics and a variety of related merchandise, including software, video games, music, mobile phones, digital cameras, car stereos, and video cameras, in addition to home appliances (washing machines, dryers, and refrigerators), in a noncommissioned sales environment. Under the Geek Squad brand, Best Buy offers computer repair, warranty service, and accidental service plans. Best Buy provides an online community forum for members, where consumers can discuss product experiences, ask questions, and get answers from other members or retail product experts. The building exteriors of Best Buy-branded stores are typically light brown, with

2790-507: The four-day sale than it did in a typical month. In 1983, with seven stores and $ 10 million in annual sales, Sound of Music was renamed Best Buy Company, Inc. The company also expanded its product offerings to include home appliances and VCRs , in an attempt to expand beyond its then-core customer base of 15- to 18-year-old males. Later that year, Best Buy opened its first superstore in Burnsville, Minnesota . The Burnsville location featured

2852-508: The highest quality audio and video reproduction. Best Buy Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota . Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983. Best Buy operates internationally in Canada, and formerly operated in China until February 2011 (when

2914-482: The international marketplace. Under the deal, Future Shop was purchased for about US$ 377 million and continued to operate as subsidiary independent from Best Buy Canada. Brad Anderson succeeded Richard Schulze as Best Buy CEO in July 2002. Anderson had begun working at Best Buy in 1973 while attending seminary school. He was promoted to vice president in 1981 and executive vice president in 1986. Anderson had most recently served as president and COO of Best Buy,

2976-493: The manufacturer's warranty to sell its own Product Service/Replacement Plan and that Best Buy had "entered into a corporate-wide scheme to institute high-pressure sales techniques involving the extended warranties" and that the company used "artificial barriers to discourage consumers who purchased the 'complete extended warranties' from making legitimate claims." The company ultimately settled for $ 200,000, but admitted no wrongdoing. In 2014, Best Buy settled for $ 4.55 million in

3038-496: The position of CEO since August 2012. Joly subsequently became executive chairman of the company. Despite an increase in sales of computer equipment due to an increase in remote work during the COVID-19 pandemic , Best Buy laid off over 5,000 employees in early 2021 and forced many others into part-time positions. In August 2022, Best Buy said it would be laying off employees across the country after warnings of weaker sales, and

3100-454: The purchase, it continued to operate the Future Shop stores as a separate chain. Even though many of the new Best Buy locations were in close proximity to existing Future Shop stores, the two chains were differentiated primarily by their in-store experiences. On March 28, 2015, Best Buy announced the dissolution of the Future Shop brand and the closure of 66 of its locations. All remaining locations were converted to Best Buy stores. Future Shop

3162-409: The remaining 65 locations were soft launched as Best Buy locations on April 4, 2015 (although still carrying Future Shop signage for the time being). In the months that followed, the locations were renovated to adopt Best Buy's branding and store format. Best Buy stated that these closures and re-brandings were intended to reduce redundancy, as the closed stores were located within close proximity of

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3224-818: The roll-out of Concept II. In 1992, the company achieved $ 1 billion in annual revenues. Its Midwest rival, Highland would file for bankruptcy in the same year and close all locations by 1993. In 1994, Best Buy debuted "Concept III" stores in several new markets including Los Angeles and Washington, D.C. Concept III stores were larger than previous stores and included expanded product offerings, "Answer Center" touchscreen kiosks that displayed product information for both customers and employees, and demonstration areas for products such as surround sound stereo systems and video games. Best Buy launched its "Concept IV" stores with its expansion into New England in 1998. Concept IV stores included an open layout with products organized by category, cash registers located throughout

3286-500: The same time that a new Future Shop was placed across from Dundas Square . Some of the new Best Buy locations would cannibalize sales at Future Shop stores located in close proximity to them, but typically the new Best Buy would generate considerable new revenue that would more than make up for the drop in the sales of the existing Future Shop, the net result being that the two stores increased their parent's overall market share in that area while keeping rivals out. This dual-banner strategy

3348-440: The same time, Future Shop also attempted to acquire Chapters , a chain of book stores in Canada, but failed to come up with a reasonable offer. In March 2001, the U.S. electronics store chain Best Buy acquired Future Shop for CDN$ 580 million. Following the purchase, Khosrowshahi stepped down as president, but other executives from Future Shop retained their positions within the company. Best Buy continued to operate Future Shop as

3410-466: The shutdown of the Future Shop chain in Canada; 65 of its 131 former locations were converted into Best Buy locations, while the rest (primarily those in close proximity to an existing Best Buy) were closed permanently. On March 1, 2018, the company announced that it would shut down its 250 standalone Best Buy Mobile stores in the United States by the end of May, due to low revenue and high costs. The Best Buy Mobile stores were reported to account for 1% of

3472-661: The store, and slightly smaller stores than Concept III stores. The stores also had large areas for demonstrating home theater systems and computer software. In 1999, Best Buy was added to Standard & Poor's S&P 500 . In 2000, Best Buy formed Redline Entertainment, an independent music label and action-sports video distributor. The company acquired Magnolia Hi-Fi, Inc., an audio-video retailer located in California , Washington , and Oregon , in December 2000. In January 2001, Best Buy acquired Musicland Stores Corporation,

3534-489: The stores also attracted differing demographics; Future Shop's use of haggling appealed to customers who had immigrated to Canada from countries where the practice is commonplace, while Best Buy's relaxed atmosphere was popular among women. Some Best Buy locations were within driving distance, or even on the same lot, as an existing Future Shop. In one case, a Best Buy was opened at the Toronto Eaton Centre at around

3596-433: The stores became part of one of its major U.S. competitors, the Best Buy chain. In 2000, Future Shop owned 83 Future Shop stores and five Computer City stores. In June 2000, Future Shop announced plans to open flagship stores in downtown Vancouver , Toronto , and Montreal . In February 2001, Future Shop announced that the company would close and liquidate the five remaining Computer City stores because of poor sales. At

3658-492: Was as president of Best Buy since 2006. In November 2009, Best Buy partnered with Roxio's CinemaNow to launch an on-demand streaming service which allowed streaming from any Internet device sold by Best Buy. In December 2009, Best Buy opened its first Turkish store in İzmir . In April 2010, Best Buy opened its first United Kingdom -based Best Buy-branded store in Thurrock . The company eventually opened 11 Best Buy stores in

3720-516: Was effective before the mass proliferation of online-only retailers. In an effort to widen the chain's customer base, Future Shop began to experiment with an updated store concept at new locations in Vancouver and South Edmonton Common in 2008. The new stores featured an expanded, 53,000 square foot layout divided into four main departments. Work (computing), Play (video games, musical instruments), Living (home appliances and exercise equipment), and On

3782-530: Was founded in 1982 by Iranian entrepreneur Hassan Khosrowshahi , who left Iran to settle in Vancouver, British Columbia to start a retail business. Khosrowshahi graduated from the University of Tehran with a degree in law and economics and was a part of the family who owned the Minoo Industrial Group, a large Iran manufacturer of pharmaceuticals, cosmetics, and food products. Khosrowshahi planned to open

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3844-468: Was released in May 2012 and alleged that Best Buy founder and chairman Richard Schulze knew of Dunn's inappropriate relationship and failed to notify the Best Buy board. Schulze subsequently resigned his chairmanship of the company. Best Buy Director Hatim Tyabji replaced Schulze as Best Buy chairman. In September 2012, Hubert Joly replaced Mikan as Best Buy CEO. Joly had previously served as CEO of Carlson ,

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