Best Buyout
Best Buy, for $410 million, acquired the high-end southern California retailer Pacific Sales with its 14 showrooms and $320 million of annual sales.
Brian Dunn, president of Retail - North America for Best Buy said (in the press release anyway), "We have a high regard for Pacific Sales' employees, their culture, and their valued relationships with customers, vendors, contractors and remodelers.....Utilizing the existing store format, we expect to expand the number of stores in order to capitalize on the rapidly growing high-end segment of the U.S. appliance market."
Though one could read this as good news all around, the press release includes significant negative items:
- Pacific Sales founder Jerry Turpanjian plans to retire as soon as the acquisition is closed.
- Best Buy veteran Phil Lee will replace him.
No one at Best Buy corporate in Minnesota to represent and defend Pacific Sales and its "culture" during the expansion?
No one promoted from within to replace Jerry? Best Buy likes to teach, but hates to learn?
For whatever made Pacific Sales admired, different, special, we predict a death by a thousand cuts.








