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Could Best Buy be going out of business?

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Could the nation's biggest electronics chain  -- Best Buy -- be in trouble? That's what Forbes Magazine claims in its January 2012 issue.

Despite the crowds lined up outside  Best Buy on Black Friday, Forbes claims "Best Buy is going out of business.... gradually."
It points to falling sales, a dropping stock price, and a the Christmas Eve public relations disaster, where Best Buy canceled hundreds of online orders it couldn't fulfill in time for Christmas, just a few days before the holiday.

Forbes also says Best Buy is having more and more trouble competing with Amazon when it comes to prices and customer service. And it says visiting the chain's stores is not usually an enjoyable experience, as a visit to the Apple store can be.

Click here to read the full Forbes report.

Best Buy responds

Best Buy disputes the report, saying "we are shifting our focus to be more customer centric." And the store says its big advantage will always be its "dedicated and knowledgeable sales staff."

Best Buy is not in immediate risk to going under, and no one is saying to avoid making purchases there. But Forbes says even with the disappearance of its main competitor, Circuit City, Best Buy continues to lose market share to Amazon and Walmart, which is not a good sign.

Whatever you think of Best Buy, it's in the consumers best interest for it to remain viable, because more stores mean more competition and better prices.

As always, don't waste your money.


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