Best Buy from the beginning

  • Updated: April 13, 2012 - 12:07 PM
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Best Buy headquarters in Richfield.

Photo: Glen Stubbe, Star Tribune

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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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