Bye-Bye, Best Buy (China): You had it coming. [UPDATED]

[23 Feb: Multiple updates to be found at the end of the post!]

Late last week the Chinese media started reporting rumors that Best Buy, North America’s dominant electronics retailer, was planning to shut down its branded stores in China. Rumors like that don’t start from nothing – the company’s stores have been empty for years, and rumors have circulated about all kinds of management problems. Still, that didn’t prevent the company from formally denying the closure rumors yesterday … and then shutting them down today, Tuesday. An image of Best Buy’s flagship store, shut down and locked up, around 4:00 this afternoon.

So what went wrong? Continue reading