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Best Buy, by the years

  • May 14, 2012 - 8:57 PM

 

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, 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.

2012: April 10: Dunn resigns; director G. "Mike" Mikan named interim CEO.

2012: May 14: Schulze steps down as Best Buy chairman, continues to hold nearly 21 percent of shares. Board member Hatim Tyabji takes over as chairman.

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