Bye Bye BBY

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  • Will Best Buy Be Bought?  [View article]
    Best Buy has treated so many customers wrong that they will not be able to recover. Ask your friends on how many times they have been upset with BBY and then ask how many times they have been upset with COSTCO? The answer is "never" upset with COSTCO. And why is this? Answer: COSTCO hires the best people and they do a great job.
    Sep 19, 2012. 08:56 PM | Likes Like |Link to Comment
  • Best Buy's Last Quarter--Cash Drainage  [View article]
    Is the BOARD also the problem? The new CEO does not have the retail experience to run this sinking ship. He will do what he knows and that will be cost cutting. (Anyone can do this). Start at corp, then service and finally the electric bill when you don't need to turn the lights on.

    Bye Bye BBY
    Aug 21, 2012. 07:12 PM | Likes Like |Link to Comment
  • Richard Schulze takes a shot at Best Buy's (BBY) decision to hire turnaround specialist Hubert Joly as its CEO, saying the company needs a proven leadership team with deep retail experience and knowledge of Best Buy. Though it sounds a bit like sour grapes after the company for the most part spurred its ex-founder, Schulze was correct with the part of his statement where he added value is eroding. Best Buy 6.8% lower on the day.  [View news story]
    Good Bye Best Buy. Stock price December will be below $10.
    Aug 20, 2012. 12:27 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: 1000+ employees at Geek Squad City

    345 International Blvd, #300, Brooks, KY 40109

    The Only Way To Predict Your Future, Is To Create It!
    Contact an organizer at: (502) 368-5885)
    (all calls are confidential)

    Did You Know That:

    * Union members earn 25% more than non-union workers

    * 70% of Union members have guaranteed defined benefit Pensions (the real retirement vehicle!)

    * 73% of union members have health care benefits (only 51% of non-union workers receive benefits & those benefits are generally more costly and do not have the coverage a Union plan will have)

    Your Right to Organize

    You have a right to join a union and organize your workplace. No matter what your employer does to stop you, you can do it.

    What You Can Do

    Under Section 7 of the National Labor Relations Act (NLRA), you have the legal right to:

    *Attend meetings to discuss joining a union.

    *Read, distribute and discuss union literature (as long as you do this in non-work areas during non-work times, such as breaks or lunch hours).

    *Wear union buttons, t-shirts, stickers, hats or other items on the job.

    *Sign a card asking your employer to recognize and bargain with the union.

    *Sign petitions or file grievances related to wages, hours, working conditions and other job issues.

    *Ask other employees to support the union, to sign union cards or petitions, or to file grievances.

    You have a right to join a union. But odds are you'll have to fight for this right. Most employers try to talk workers out of organizing. Why? Because employers know that with a union, workers gain the power to make their voices heard. And employers must listen.

    That's exactly what having a union is all about: having dignity and respect on the job, and having the power to stand up for ourselves, our families and our future. Possessing a strong, collective voice helps gain fair and safe working conditions, wages and benefits while ensuring a better future for families.

    The only way to gain real, positive changes in the workplace is to get it in writing—in a legally binding Teamsters union contract. It makes sense. When we stand alone, we are powerless. Employers hold all the cards and they call all the shots. By standing together, workers gain a seat at the table and the ability to demand a fair deal.

    Teamsters Local 89 has a membership of 15,000 men and women as we continue to grow. We are affiliated with the International Brotherhood of Teamsters (IBT), which boasts a membership of more than 1.2 million members. We know that talk is cheap and FALSE company "promises" can't protect your families. We understand that the only way working people can truly protect their jobs and their families is by standing together and negotiating a legally binding contract.

    Have you had enough of broken promises? Tired of lousy pay? Strained through lousy working conditions? Do you want a little respect on the job and security for your family? Then it is time to organize. Contact Teamsters Local 89's Organizing Department for more information (502) 368-5885.

    How Organizing Works

    You have a federally protected right and employers will challenge you. But the rewards outweigh the struggle. This is how a union organizing campaign works.

    Your Right to Organize

    Interested in organizing in your workplace? A union is simply a majority of employees who join together to better their work lives. Under the National Labor Relations Act (NLRA) you have the legal right to form a union in your workplace.

    The NLRA says:

    Section 7: "Employees shall have the right to self-organization, to form, join, or assist labor organizations, to bargain collectively through representation of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining . . . ."

    Section 8(a): "It shall be an unfair labor practice for an employer . . . to interfere with, restrain, or coerce employees in the exercise of the rights guaranteed in section 7. . . ."

    Getting Started

    To get a union started, the first thing you need to do is talk to your coworkers. Do they share the same concerns you have? Or, do they have other issues? Is there a common theme to these concerns such as lack of respect and dignity; lack of a voice in the workplace; unfair treatment; and/or wages and benefits lower than other people working in the same industry?
    Contact Us

    If you're interested in organizing your workplace, call us at (502) 368-5885 (all calls are confidential). An organizer will contact you. He or she can set up a meeting with you and some of your coworkers to discuss the possibility of a union in your workplace.

    Strength in Numbers

    Joining the Teamsters allows you to have a voice in how you are treated at work. As a Teamster member, you are part of 1.2 million working men and women and their families fighting to improve working conditions at your workplace and around the nation. The Teamsters are a family, along with 400,000 Teamster retirees in the United States and Canada. You will always have the support and strength of your union sisters and brothers. Your union is a democratic organization, where the members have the right to elect their leaders, and decide the union's policies.

    Strong Teamster Contracts

    Contracts cover such rights and benefits as...

    *Pay levels and pay raises.
    *Health coverage.
    *Job security.
    *Paid time off for vacations and holidays.
    *Retirement benefits.
    *Rules about how you must be treated on the job.
    *Your contract is negotiated with management by your co-workers and Teamster leaders. Every member has the right to make suggestions about what should be in the contract and to vote on the final agreement.
    To win a good contract, workers have to show management that they are united in support of their negotiating team. Sometimes workers have to get support from other unions, community groups, public officials, consumers, or other organizations to convince management to reach a reasonable agreement.
    Jul 31, 2012. 05:47 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: The other questions is on Inventory levels? What does BBY based inventory levels on this year? Will BBY have any credit issues with purchasing inventory this year?
    Jul 30, 2012. 09:03 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: I have been traveling International and have not had time to follow up with any comments. Has anyone heard any news on some potential credit concerns with purchases for the holiday season?
    Jul 28, 2012. 10:51 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: You are so wrong. The employees just want Respect, Integrity and Representation to support them when they need it, pay is not the issue. Example, I know of an employee that has over 10 years with BBY. He is one of the employees that has lost his job. He has a great 10+ years employee record. The problem is other employees with the same skill set still have a job, according to him. When asked "WHY", nobody will answer. No place to go.

    If he had representation, would this happen?
    Jul 25, 2012. 07:10 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: Interesting, I was in conversation with a GM today and he was inquiring how "managers" would benefit with Union representation. Easy answer, call your local Union. You will be surprised how your "life balance" will change.

    Jul 24, 2012. 07:00 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: Unions are for Part time and Full time employees. Make your call to your local Union and explain your details. Talk to your friends and explain the benefits .
    Jul 24, 2012. 03:02 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: Who watches over you? Answer. Nobody. This should make you sick.

    Best Buy Pay Expert Said To Quit Over Retention Bonuses
    By Chris Burritt and Jeffrey McCracken - Jul 23, 2012 6:45 PM ET

    A compensation consultant to Best Buy Co. (BBY)’s board quit after the electronics chain awarded more than 100 managers retention bonuses without tying them to performance, said three people with knowledge of the matter. Don Delves, who worked with Best Buy’s compensation committee for seven years as an independent consultant, was opposed to the payments, said the people, who asked not to be identified because the situation is private. Delves, president of the Chicago-based Delves Group, a corporate governance and an executive pay advisory firm, confirmed in a telephone interview that he resigned this month.
    Chief Financial Officer James Muehlbauer and Michael Vitelli, head of the U.S. division, were among executives awarded extra pay as incentive to stay while Best Buy seeks a replacement for Chief Executive Officer Brian Dunn, a June regulatory filing shows. The retailer’s stock had sunk 22 percent this year through July 20, torpedoed by the first annual loss in two decades and a scandal tied to Dunn’s conduct.
    “There were no performance criteria or metrics tied to it at all, which is sort of unusual,” said Frank Trestman, chairman of Richfield, Minnesota-based Best Buy’s compensation committee for 12 years until he resigned from the board in 2010. “You always try to tie it or at least couple it with some other offer that is performance related so it’s not just a matter of sticking around.”
    Leadership Continuity
    Best Buy said the incentive pay is “intended to ensure leadership continuity,” according to an e-mailed statement today.
    “We’re confident that the compensation paid by Best Buy is fair, reflects market realities and is based on responsible practices that reflect the transformation of the organization,” Best Buy said in the statement. “As part of our long-term plan, and to ensure a strong and stable future for the company, Best Buy’s board of directors has taken action to retain key senior leaders during the current period of transition.”
    Muehlbauer, Vitelli and two others -- International President Shari Ballard and Carol Surface, the head of human resources -- were set to get lump-sum cash payments of $500,000 each, according to the filing. The executives also were to receive $2 million in restricted stock as part of the bonus plan. Planned bonus packages for more than 100 other Best Buy managers were structured similarly, said the people.
    Retail Space
    “Two million dollars is a lot just for sticking around,” said James Reda, managing director of James F. Reda & Associates, a New York-based executive compensation consulting firm. “The retail space is shrinking so the odds of those four leaving is not great.”
    Best Buy director Mike Mikan is serving as interim chief executive officer, earning annual cash compensation of $3.3 million and as many as 263,000 shares worth about $5 million upon completion of the interim assignment, according to a company statement May 21.
    Trestman said Mikan’s compensation “seems exorbitant” if the assignment “could last nine months, 10 months or 11 months until you get a new CEO. I’m not saying that would be an exorbitant package once you find a permanent CEO.”
    Best Buy won’t discuss Mikan’s compensation or Trestman’s comments, Bruce Hight, a spokesman for the company, said by telephone.
    Dunn, 52, resigned in April amid revelations that he had an inappropriate relationship with a female employee. A month later, the chain said an internal probe found both he and Chairman Richard Schulze acted inappropriately in their handling of the matter, triggering Schulze’s resignation as chairman.
    Schulze, also Best Buy’s founder, is exploring whether to take the retailer private as he examines options, including a sale of his stake, a person familiar with the matter said last month. He held more than 20 percent of the company as of June, according to data compiled by Bloomberg.
    Jul 23, 2012. 10:01 PM | 2 Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: BBY has high revenue, no margin. When you put all the expenses to the 4 days, BBY does not make a dime. They do it only to excite the local communities and they hope the next 24 days will become profitable. If you are one of the lucky consumers to get the limited stock purchase, you purchased below cost.
    Jul 23, 2012. 07:38 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: Peer Review. How is that working? Did you know the company added this process for ONE reason and ONE reason only? To prevent YOU from seeking Union Representation. How do I know? It is the final step companies take to help prevent you from seeking Union Representation. It only works for the company, it does not work for you. Don't drink the Kool-Aid.

    Jul 23, 2012. 07:27 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: Unions are necessary when the company values are not lived. BBY does not live these values. They did at one time. That time is long gone....Representation is needed. 
    1. Integrity
    2. Respect
    3. Humility
    Jul 22, 2012. 08:04 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: if you are working in a Distribution Center, Service Center or a Returns Center, do you wonder why BBY has temp employees? What does management tell you? Something like this... It is to balance the work load. WRONG. It is to replace you someday down the road and not have to pay a living wage, benefits, etc. You better move fast and take charge of your life before you too are downsized. Representation is your only key.
    Jul 22, 2012. 02:20 PM | Likes Like |Link to Comment
  • Best Buy's 2012 Layoffs Reminiscent Of Circuit City's 2007 Layoffs  [View article]
    Update: BBY will find a new CEO, with a compensation plan that will be worth $20 to $30 million, even when BBY fails. How does that feel when you live pay check to pay check?
    Jul 22, 2012. 02:07 PM | Likes Like |Link to Comment