Best Buy's corporate credit rating put on watch by Standard & Poor's for possible downgrade, one week after electronics retailer announced restructuring plan

Cindy Allen

Cindy Allen

Apr 4, 2012 – Associated Press

NEW YORK , April 4, 2012 () – Credit ratings agency Standard & Poor's on Wednesday put its corporate credit rating and other ratings on electronics retailer Best Buy Co. on watch for a possible downgrade.

The move comes a week after Best Buy announced a restructuring plan. The chain plans to close 50 of its U.S. big box stores, open 100 small format stores and cut $800 million in costs over the next five years.

Best Buy is trying to become nimbler to avoid the fate of former rival Circuit City, which filed for bankruptcy protection in 2008. Traditional electronics retailers are suffering as more people buy gadgets online or at discount stores.

© 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025 795

+1 (310) 558 0008
+1 (310) 558 0080 (FAX)

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.