Kevin T. Layden Resigns Position at Best Buy International

BEIJING, Jul 08, 2008 (SinoCast via COMTEX) -- BBY | Quote | Chart | News | PowerRating -- Kevin T. Layden resigns his position as chief operating officer of Best Buy International, Best Buy Co., Inc. (NYSE: BBY | Quote | Chart | News | PowerRating) confirmed on July 6, 2008.

The resignation, which is because of personal reasons, will not make impacts on the Chinese market. Top executives for the Chinese market are not changed, explained an executive for the marketing department of Best Buy China.

Earlier, the US-based consumer electronics retail heavyweight said to adjust its new store opening plan in China, caused by the lower-than-expected net earnings in the first quarter of 2008.

It brews to open eight to 16 five-star appliance stores and one to three Best Buy outlets across the country by 2009, respectively reducing from the previously planned 20-25 and five-eight, according to Best Buy, which posted a 7% year-on-year drop in profits for the first three months of this year in its quarterly report.

Now, the new plan for store opening is still subject to Chinese regulators' approvals.

From www.cnstock.com, Page 1, Monday, July 07, 2008 info@SinoCast.Com

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