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Best Buy buggered as credit crunch smashes US retail

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US retailer Best Buy has taken the credit crunch firmly in the ass, the firm said today, and is facing really difficulty in maintaining its business.

"Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen. Best Buy simply can't adjust fast enough to maintain our earnings momentum for this year," said company boss Brad Anderson.

"We're beginning to adjust our cost structure to restore earnings momentum and still gain market share. We firmly believe that our strategy of customer-centricity is of great value in driving our performance versus the industry, and that's the strategy we plan to pursue to continue to strengthen our position in the marketplace."

Best Buy isn't the only US high street brand feeling proper heat. Circuit City recently announced it's facing bankruptcy.

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Patrick Garratt

Founder & Publisher (Former)

Patrick Garratt is a games media legend - and not just by reputation. He was named as such in the UK's 'Games Media Awards', the equivalent of a lifetime achievement award. After garnering experience on countless gaming magazines, he joined Eurogamer and later split from that brand to create VG247, putting the site on the map with fast, 24-hour a day coverage, and assembling the site's earliest editorial teams. He retired from VG247, and the games industry, in 2017.

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