Best Buy Completes Future Shop Acquisition.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 5, 2001 Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ), the largest consumer electronics retailer in the U.S., today announced the completion of its acquisition of Future Shop Ltd., Canada's leading consumer electronics retailer. Future Shop became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Best Buy effective on November 4, 2001, and there will no longer be trading of Future Shop shares on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . "The completed acquisition of Future Shop is an exciting step for both companies," said Best Buy Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. . "It helps achieve Best Buy's goal of becoming a global leader in the technology and entertainment industry, and provides Future Shop with the resources of a multi-national organization committed to growth and expansion throughout Canada." As part of the acquisition, Hassan Khosrowshahi Hassan Khosrowshahi (born 1940, Tehran, Iran) is an Iranian-born Canadian entrepreneur. In Iran, Khosrowshahi earned degrees in economics and law from the University of Tehran. He settled in Vancouver in 1981. In 1982, Khosrowshahi founded Canadian electronics retailer, Future Shop. - who founded Future Shop in 1982 - has stepped down as Chairman and CEO. Future Shop President & COO Kevin Layden will remain at the helm, reporting to Best Buy President and COO Brad Anderson. Layden said, "The post-merger integration process will be a collaborative effort, maximizing the talent and expertise of Future Shop employees. We look forward to being a part of the Best Buy family." About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is the number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances in the U.S. The Company operates retail stores and commercial web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca); Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Canada, in Puerto Rico and in the U.S. Virgin Islands. About Future Shop Future Shop, a wholly owned subsidiary of Best Buy Co., Inc. (NYSE:BBY), is Canada's largest, fastest-growing national retailer and e-tailer of consumer electronic products for the digital age, with 91 stores and the nation's premier Internet-based electronics superstore, at FutureShop.ca. Future Shop and its 7,300 associates are committed to providing Canadians with expert service; the latest digital products such as DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. movies and wireless Internet devices; and a wide selection of televisions, computers, music and appliances. For more information about Future Shop, visit the company's Web site at www.FutureShop.ca. Statements made in this news release, other than those concerning historical financial information, should be considered forward looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others; those identified in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion