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Best Buy Gives Up on European Expansion

Apr 30, 2013, 7:29 AM by Eric M. Zeman

Best Buy will sell its 50% stake in Carphone Warehouse back to the company for about $775 million. Best Buy partnered with Carphone Warehouse back in 2008, with Best Buy investing in Carphone Warehouse's European operations and Carphone Warehouse investing in Best Buy's U.S. operations. The original intent was to allow each company to expand in the other's market. The partnership never bore any fruit. Best Buy bought Carphone Warehouse out of its U.S. joint venture in 2011. The deal is now coming full circle, as Carphone Warehouse will buy Best Buy out of its European stake, leaving Best Buy to focus on its U.S. operations and Carphone Warehouse to focus on its U.K. operations. Best Buy has been hit by sagging sales at its U.S. big box retail stores, though it has opened a number of smaller, mobile-focused outlets. Carphone Warehouse today also said it would close all its stores in France.

Wall Street Journal »

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Comments

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This forum is closed.

bobc74

Apr 30, 2013, 6:20 PM

Carphone Warehouse

is probably the second worst name for a modern retail, with RadioShack being the first! I can just picture a store full of analog bagphones, one pimply-faced kid and no customers.

Versed

Apr 30, 2013, 5:45 PM

Good Idea

BB is in need of cash, they don't need them, they can easily handle phone sales in the US and Canada wihtout them. If BB was to expand overseas which they really didn't do, it would be quite different.

BB whatever you think of them, had good and bad experiences with them, as of late, positive. But their mobile phone division is one of the few gems, no headgames like other non carrier owned resellers and many times beat the corporate stores with the same service, and superior extended warrenties handled by them, if one is inclined to use that option.

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