The news today is that Best Buy CEO Brian Dunn has resigned.
The news comes just a few days after the company announced major store closures or layoffs.
So what killed Best Buy’s gold goose?
We ran this slide earlier when they announced their big plans, but basically where the business got destroyed is the entertainment business (games, DVDs).
It’s getting crushed. After falling 14% YOY last Q4, it then fell another 20% this Q4.
You can almost certainly thank the rise of digital distribution (Apple, Netflix, Amazon, etc.) for that brutal outcome.
Photo: Best Buy