Carphone Warehouse to sell U.S. joint-mobile stake to Best Buy, and close U.K. Best Buy stores
New York City — Best Buy Co. said Monday it is buying out its joint venture partner, Carphone Warehouse Group PLC, in its fast-growing North American mobile business for $1.34 billion. As part of the reorganization of its relationship with the U.S. consumer electronics giant, Carphone Warehouse will shutter the 11 pilot big-box Best Buy stores it opened last year in the United Kingdom.
Best Buy Europe, in which Carphone Warehouse holds a half interest, will now focus on selling Internet and mobile phone connections through 2,500 Carphone Warehouse and Phone House stores in Europe. The two companies are also launching a joint venture, Global Connect, to develop markets outside North America and Western Europe.
"Each of these actions represents an exciting growth opportunity for Best Buy and near and long-term value for our shareholders. We are aggressively ramping up our growing connections capability to support consumers’ increasingly connected lives across the entire range of devices entering the marketplace," said Brian J. Dunn, CEO of Best Buy.
Best Buy said it expected to book pretax restructuring charges of $140 million to $150 million due to the closure of the U.K. stores.
Dollar General to offer military discount on Veterans Day
GOODLETTSVILLE, Tenn. — Dollar General announced that is honoring men and women who have served our country in the military with a special Veterans Day discount. On Friday, Nov. 11, all veterans, active duty military, National Guard and Reserve and their immediate families will receive a 10% discount at Dollar General stores. Shoppers at www.dollargeneral.com will also be eligible to receive 10% off their purchase Nov. 11 through Nov. 13 using the code VETERANSDAY at checkout.
“Dollar General is grateful for the veterans who have served and sacrificed so much for our country,” said Rick Dreiling, Dollar General’s chairman and CEO. “This Veterans Day, we are proud to honor veterans, members of the military and their families for their sacrifices and service.”
Williams-Sonoma gets home furnishings “Rejuvenation”
SAN FRANCISCO — Williams-Sonoma has acquired Rejuvenation Inc. for an undisclosed price, the company announced last week. Rejuvenation Inc., is a manufacturer of such products as door and cabinet hardware as well as reproduction lighting that is sold through its catalog, website and retail stores in Portland, Ore., Seattle, Wash., and Los Angeles.
“Rejuvenation and Williams-Sonoma Inc. share the vision of enhancing our customers’ lives at home,” said Laura Alber, president and CEO of Williams-Sonoma. “We are excited about the opportunity for us to grow the Rejuvenation brand by leveraging Williams-Sonoma Inc.’s direct marketing and e-commerce capabilities with Rejuvenation’s high-quality, specialty products.”
For its most recent quarte, Williams-Sonoma reported that profit for the second quarter surged 28% to $39 million.The company reported GAAP diluted earnings per share of 38 cents compared with 28 cents for the same period last year. Revenue rose 5% to $815 million.