Bad News at Best Buy

Those few lucky people with money to spend on fancy TVs this holiday season may have nowhere to buy them. Two days after its main rival, Circuit City, declared bankruptcy, Best Buy has called the upcoming retail season “the most difficult climate we’ve ever seen.” Blaming “rapid, seismic changes in consumer behavior,” the electronics giant cut its earnings and revenues projections. It was hoping to expand into the vacuum left by Circuit City’s implosion, but admits now that it must cut both spending and inventory levels.