A warning from Best Buy has renewed concerns about the economy. Best Buy CEO Brad Anderson says this is "the most difficult climate" ever seen by the company. The only good news behind that is it could mean consumers will be treated to big discounts this holiday reports the AP.
"Rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen," Chief Executive Brad Anderson said in a statement. "Best Buy simply can't adjust fast enough to maintain our earnings momentum for this year."
But Best Buy's misfortunes may spell opportunity for deal-seeking shoppers, especially during the traditional Black Friday shopping extravaganza on the day after Thanksgiving.
Morningstar analyst Brady Lemos said he expects Best Buy to offer deep discounts on products to try to drive sales and keep customers coming into stores.
"It's big news for consumers," he said. "I think they'll want to sell as much as possible."
