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Best Buy Co., Inc.
Type Public
Traded as
Industry Retail
When it was created West Saint Paul, Minnesota, United States
As Sound of Music:
1966; 52 years ago (1966)
As Best Buy Co. Superstores (Best Buy Superstores Co.):
1983; 35 years ago (1983)
As Best Buy (formerly Best Buy Superstores):
1989; 29 years ago (1989)
People who started it Richard M. Schulze
Headquarters Richfield, Minnesota, United States
Area served Worldwide
Key people Hubert Joly
(Chairman and CEO)
Things made Consumer electronics
Money earned Decrease US$ 42.41 billion (2013)
Operating income Decrease US$ 1.166 billion (2013)
Net income Increase US$ 532 million (2013)
Total assets Decrease US$14.013 billion (2013)
Total equity Increase US$ 3.989 billion (2013)
Employees 140,000 (2014)
Subsidiaries
Website bestbuy.com
Previous Bergdorf Goodman
Next Best Western

Best Buy Co., Inc. is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. It operates in the United States, Mexico, Canada and China.[1] The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics.

Best Buy's subsidiaries include CinemaNow, Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales brands in the United States; the Best Buy, Geek Squad, Best Buy Mobile brands in Canada; Best Buy Mobile and Five Star in China; and Best Buy, Best Buy Express, and Geek Squad in Mexico.[1] Best Buy sells cellular phones with phones from Verizon Wireless, AT&T Mobility, Sprint PCS, Boost Mobile,and T-Mobile USA,[2] in regular stores and standalone Best Buy Mobile stores in shopping malls.

Best Buy was named "Company of the Year" by Forbes magazine in 2004,[3] "Specialty Retailer of the Decade" by Discount Store News in 2001,[4] ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005 (based on 2004 giving),[5] and made Fortune magazine's List of Most Admired Companies in 2006.[6]

Hubert Joly serves as Best Buy chairman and CEO.[7]

ReferencesEdit

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