WEB EXTRA: Former Medtronic CEO Discusses Best Buy and Supervalu Struggles
Two powerhouse corporations are near their brink. Best Buy and Supervalu are headed for turmoil because of sinking sales and stock that is rapidly loosing value.
Business experts are saying Best Buy customers are going into the store to find a product they like, then later surfing the web to find a better deal. Best Buy has already had to close stores and lay off several employees.
On top of store closures, the company has decided to sub-lease space in their headquarters to save money. Even though the company is making efforts to save money, it may not be enough.
Supervalu is also struggling to stay afloat. Supervalu’s stock has dropped nearly 90% in the past five years. Because of the decline, the company may be up for sale.
Supervalu owns the local grocery stores like Cub Foods. Cub has fallen behind as other food stores have become more aggressive in their marketing techniques.
The former CEO of Medtronic discusses the situation and analyzes the issues at hand.