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COURT DENIES ONKYO'S MOTION TO DISMISS BEST BUY'S PRICE-FIXING CASE

COURT DENIES ONKYO'S MOTION TO DISMISS BEST BUY'S PRICE-FIXING CASE
 MINNEAPOLIS, Nov. 14 /PRNewswire/ -- The United States District Court in New Jersey has denied Onkyo, U.S.A. Corporation's motion to dismiss federal and state antitrust price-fixing claims brought by Best Buy Co., Inc. (NYSE: BBY).
 In April 1990, Best Buy filed an antitrust complaint against Onkyo, one of its principal home audio suppliers, alleging that Onkyo terminated the sale of its products to Best Buy because Best Buy refused to participate in an unlawful price-fixing agreement entered into between Onkyo and its other authorized dealers. Best Buy has charged that Onkyo fixed the consumer prices at which its dealers had to resell Onkyo products. Best Buy refused to go along with Onkyo's artificially high resale price demands and discounted Onkyo products.
 U.S. District Court Judge H. Lee Sarokin found, after reviewing extensive legal memoranda and hearing oral argument, that Best Buy's complaint stated a valid cause of action under federal and state antitrust laws and met the current vigorous standards recently enunciated by the United States Supreme Court.
 Richard M. Schulze, chief executive officer of the Minnesota-based consumer electronics chain, said, "The case will now go to trial and we believe that a jury will find in our favor." Schulze estimates that Best Buy's damages may exceed several million dollars which would be trebled under the antitrust laws.
 Best Buy Co., Inc. is the third largest publicly held consumer electronics and major appliance retailer in the United States. Founded in 1966, Best Buy sells nationally recognized name brand consumer electronics, major appliances, home office products, entertainment software and photographic equipment at 68 stores located in Minnesota, Iowa, Wisconsin, South Dakota, Illinois, Kansas, Missouri, Nebraska, Texas and Colorado. Best Buy's common stock is traded on the New York Stock Exchange under the symbol "BBY".
 -0- 11/14/91
 /CONTACT: Richard M. Schulze, chairman and CEO of Best Buy Company, 612-896-2300. For legal questions: Elliot Kaplan, 612-349-8280/
 (BBY) CO: Best Buy Co. ST: Minnesota IN: REA SU: AL -- MN004 -- 4312 11/14/91 09:53 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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