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Best Buy falls 17% as wave of organized retail theft hits the big box electronics chain, squeezing profit margins

13 days ago   |   By

A police officer wears a mask while sitting on guard at a Best Buy in Kentucky. Getty Best Buy fell as much as 17% on Tuesday after it said an increase in retail theft is hurting its profit margins. "We are definitely seeing more and more organized retail crime," Best Buy CEO Corie Barry said. The retailer reported third-quarter earnings that beat analyst estimates and raised its guidance. Shares of Best Buy fell as much as 17% on Tuesday after the electronics retailer said an increase in organized retail theft is hurting its profit margins. The retail burglaries , which are often recorded...
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Coordinated smash-and-grab robberies are 'traumatic experiences' for Best Buy workers, and could worsen the company's labor challenges

13 days ago   |   By

A police officer wears a mask while sitting on guard at a Best Buy in Kentucky. Getty
Coordinated - and sometimes armed - burglaries are increasing at retailers across the country.
The incidents are "traumatic experiences" for workers, Best Buy CEO Corie Barry said.
Barry said thefts are impacting profits and could lead workers to leave the company.
Loosely organized groups are targeting Best Buy locations, grabbing up large swaths of merchandise, and running out of the store, CEO Corie Barry said Tuesday. These coordinated - and sometimes armed - burglaries present a significant safety...
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