Moody’s May Lower Some of Starbucks’ Ratings
New York City Moody’s Investors Service said it might lower some of Starbucks Corp.’s ratings after the coffee chain reported weaker-than-expected earnings.
The company said on Wednesday its fiscal first-quarter profit slumped 69%, and that it planned to slash nearly 7,000 more jobs during a new round of store closures and other cuts.
Late Thursday, Moody’s said it might downgrade Starbucks’ senior unsecured rating and its short-term rating.
The ratings agency anticipates that current economic conditions and the ongoing pullback in consumer spending will continue to hurt Starbucks’ same-store sales results and overall operating performance for the intermediate term.
Report: Best Buy considers buying up bankrupt locations
DAVOS, Switzerland Best Buy is considering buying some store locations vacated due to bankruptcy, according to reports.
Speaking at the World Economic Forum in Davos, Switzerland, Best Buy CEO Brad Anderson told Reuters that it is looking into some of those stores, but is focused more on its balance sheet.
Hip hop personality to star in Best Buy teen outreach campaign
MINNEAPOLIS Hip hop personality Ludacris (Christopher Bridges) will star in a new Best Buy Teen Service Announcement (TSA). Part of Best Buy’s @15 program, the TSAs are geared toward young people and feature unscripted videos of teens sharing their thoughts and experiences.
Over the next several months, the @15 Web site, along with its social networking pages and YouTube channel, will feature messages from teens engaged in Best Buy programs, celebrities and musicians, and Members of Congress.
“We all make mistakes, but you have to learn from your mistakes. Try not to make the same mistakes twice in life. We all have teenage years where we kind of were rebellious and just doing things that we’re finding out about life,” said Ludacris in his online TSA. “We’ve all been through some bad situations and you learn from them and you become a better person because of it. Adversity can make you a stronger person.”