Best Buy buggered as credit crunch smashes US retail

By Patrick Garratt
13 November 2008 20:19 GMT


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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