The new name, XRS, stands for Xata Road Science—and it was driven by the company’s new mobile cloud platform, which was designed to slash trucking costs and help fleets and drivers remain compliant with federal and state regulations.
Technology
The board of directors decided to dismiss President and CEO Kenneth Aubrey, citing the company’s underperformance; meanwhile, board member Michael Doyle resigned because he disagreed with the decision.
The partnership between Target and Best Buy, which owns the Geek Squad, is part of a pilot program through which one Minneapolis store and all 28 Denver-area stores will feature Geek Squad tech experts and services.
Richard Schulze has reportedly recruited KKR & Company, Leonard Green & Partners, TPG Capital, and Apollo Global Management to help bankroll his proposed buyout.
The Minnesota Department of Commerce said it will start working with local governments to create a more streamlined process for installing solar panels.
Fitch Ratings and Standard & Poor’s both downgraded their credit ratings for Best Buy, saying that a buyout by founder Richard Schulze would add significant debt.
Current CEO Wayne Fortun will take over as chairman following co-founder Jeffrey Green’s retirement from the position.
The company also raised its revenue guidance for 2012, from about $71 million to between $75 million and $76 million.
Richard Schulze offered $24 to $26 a share. The company described the offer as “highly conditional,” and one analyst said that the move seems “more like a negotiating tactic than a fully-funded and committed offer.”
The cuts are part of the struggling grocer’s plans to restructure its technology department in an effort to reduce costs and increase efficiency.
St. Cloud-based Marco said the acquisition is part of its plans to expand nationally.
Greenlight Capital told investors that Best Buy is “trying to come up with a strategy” following the departures of CEO Brian Dunn and Chairman Richard Schulze, which could lead to additional “business disruption.”
The company is reportedly retooling its Geek Squad team as it shifts employees away from basic home installations to focus on services for small businesses and on providing technology expertise at Best Buy’s smaller, “connected”-format stores.
Private equity firm LaunchEquity Partners said that if its offer were accepted, it would invest $10 million in MakeMusic over the next two years and retain all of the company’s employees.
The New Hope-based provider of DirecTV, voice, and high-speed Internet services is buying New Jersey-based MDU Communications International, Inc.
The company is expanding its infant offerings through its new CK Baby Shop, an area within its St. Paul store that carries products for newborns.
The cuts, which include roughly 600 Geek Squad positions, are in addition to 400 corporate layoffs announced in March.
Best Buy’s bylaws now require that an investor own at least 25 percent of the company’s stock in order to call a special meeting related to a “change of control”; founder Richard Schulze and entities that he controls own 21.2 percent.