8-K
BEST BUY CO INC (BBY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 9, 2020
BEST BUY CO., INC.
(Exact name of registrant as specified in its charter)
| Minnesota | 1-9595 | 41-0907483 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Identification No.) |
| 7601 Penn Avenue South | ||
| --- | --- | |
| Richfield, Minnesota | 55423 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (612) 291-1000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of exchange on which registered |
|---|---|---|
| Common Stock, $0.10 par value per share | BBY | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On June 9, 2020, Best Buy Co., Inc. (the “Company” or “registrant”) announced updates to its business operations.
The news release issued on June 9, 2020, is furnished as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference. This Item 7.01 and Exhibit 99 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that Section unless the registrant specifically incorporates them by reference in a document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following are furnished as Exhibits to this Current Report on Form 8-K.
| Exhibit No. | Description of Exhibit |
|---|---|
| 99 | News release issued June 9, 2020 (furnished pursuant to Item 7.01). Any internet address provided in this release is for information purposes only and is not intended to be a hyperlink. Accordingly, no information at any internet address is included herein. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BEST BUY CO., INC. | ||
|---|---|---|
| (Registrant) | ||
| Date: June 9, 2020 | By: | /s/ TODD G. HARTMAN |
| Todd G. Hartman | ||
| Executive Vice President, General Counsel, Chief Risk & Compliance Officer and Secretary |
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Exhibit 99
Exhibit 99
Best Buy to Invite More Shoppers Inside Stores, No Appointment Needed
MINNEAPOLIS, June 9, 2020 -- Best Buy Co., Inc. (NYSE: BBY) today announced that customers soon will be able to safely and freely shop at the majority of our stores without an appointment. Starting June 15, more than 800 locations across the country will begin allowing a limited number of people inside. We’ll also continue to offer contactless curbside pickup and in-store consultations for those who prefer to shop that way.
“Throughout the pandemic, nothing has been more important to us than the safety of our customers and employees,” said Ray Sliva, president of retail. “We’re now confident we can provide a safe experience for shoppers who want to visit our stores to browse, see tech products firsthand and get helpful advice from our Blue Shirts or Geek Squad Agents.”
Best Buy stores will continue to enforce social distancing by limiting the number of customers inside the store to 25% of capacity, which allows approximately 60 or more customers in a store depending on its size. If a store reaches the limit, stores will queue people in a line until they are able to shop. Stores also will have floor signage to help customers and employees maintain 6 feet of distance at all times.
To support this expanded store experience, we are bringing back more than 9,000 of our previously furloughed full- and part-time store employees and Geek Squad Agents.
Meanwhile, Best Buy will also begin resuming in-home consultations, which have all been conducted virtually since March. We will adhere to enhanced safety protocols while in customers’ homes, and we’ll continue to offer virtual consultations for anyone who prefers that.
A focus on safety
Throughout the pandemic, we have adapted our operations to keep our customers and employees safe. In March, we quickly switched our stores to contactless curbside pickup and suspended deliveries, installations and repairs in homes. We’ve since resumed those in-home services, with added safety precautions, and created the in-store consultation service.
Before deciding to allow customers to visit without an appointment, we evaluated health and safety data for each community where our stores are located. We worked closely with our field leaders to ensure we could provide the safest possible shopping experience for everyone involved and will continue to follow these steps when considering whether to make a similar experience available at our remaining Best Buy stores.
“Since the pandemic began, we’ve strived to provide customers with as many options as possible for how to safely get the technology they need,” Sliva said. “This is the next step in that plan.”
In addition to limiting the number of people inside the store and enforcing social distancing, we’ll also be following other safety guidelines that meet or exceed CDC recommendations, including:
| · | Mandatory self-health assessments, including temperature checks, for all employees before each shift via Best Buy’s employee app. | | --- | --- | | · | Requiring employees to wear protective gear, including face coverings, at all times. We ask that customers shopping in our stores also wear face coverings, and we will provide them for those who need them. | | --- | --- | | · | Frequent sanitization of areas and surfaces within the store, including demo products and checkout counters. | | --- | --- |
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| · | Acrylic shields at checkout counters between customers and employees. |
| --- | --- | | · | Dedicated shopping hours (Wednesdays from 10-11a.m. local time) for our elderly and vulnerable shoppers so they can feel safe visiting our stores. | | --- | --- |
Visit www.bestbuy.com/site/store-locator to find more information about your local Best Buy store, including the current hours and services available.
| | | --- | | | | Media Contact: | | Press@bestbuy.com | | | | | | --- |
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