business
Best Buy from the beginning
- Updated: April 13, 2012 - 12:07 PM
Best Buy headquarters in Richfield.
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1966: Richard Schulze and a business partner found an electronics store called Sound of Music
1969: Sound of Music trades as a publicly held company, has three stores
1978: Sound of Music operates nine stores in Minnesota
1981: A tornado hits Roseville; company responds with "Tornado Sale" which launches its low-price, no-frills retail environment
1983: Company name changes to Best Buy Co. Inc. and it opens first superstore
1985: Best Buy has an initial public offering on Nasdaq and raises $8 million
1989: Best Buy launches non-commissioned warehouse-style retail strategy, introduces Best Buy yellow tag logo
1993: Becomes nation's second-largest consumer electronics retailer
1993: Competitor Highland Superstores Inc. is forced to liquidate
1995: Best Buy debuts in Fortune magazine's annual ranking of 500 largest companies at No. 373
2001: Best Buy acquires Musicland for $685 million
2001: Best Buy goes international, acquires Canada-based Future Shop
2002: Brad Anderson succeeds founder Richard Schulze as CEO
2002: Best Buy acquires computer service company Geek Squad
2003: Moves into new $160 million, 1.5 million-square-foot corporate campus in Richfield
2003: Sells its interest in Musicland
2004: Forbes magazine names Best Buy "Company of the Year"
2006: Best Buy acquires majority interest in Jiangsu Five Star Appliance stores in China
2008: Acquires online music service Napster in October for $121 million
2009: Competitor Circuit City liquidates
2009: Brian Dunn named CEO in June
2011: Best Buy sells Napster in November
2012: Best Buy announces plans to close 50 superstores and lay off hundreds
2012: S&P puts Best Buy's corporate credit rating on watch, in line for possible downgrade to "junk" status
Tuesday: Dunn resigns; G. "Mike" Mikan named interim CEO
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