Market Overview

Best Buy's Geek Squad Seeks New Markets

The Geek Squad, the black-tied, white-shirted tech experts made famous by Best Buy (NYSE: BBY), is looking for new revenue opportunities. Amid Best Buy's struggles, that include a 23 percent plunge in the shares this year, the Geek Squad has sought out new partnerships.

Online auction site eBay (NASDAQ: EBAY) recently added around-the-clock Geek Squad support with service plans costing $29.99 for three months and $49.99 for six months, Bloomberg reported.

The Geek Squad's new relationships do not end with eBay. Retail giant Target (NYSE: TGT) is rolling out the services at nearly 30 of its stores. The Target tie-up could come as a relief for some beleaguered Geek Squad staffers as Best Buy has announced 50 store closures and an emphasis on smaller stores.

Earlier this year, the Geek Squad announced a deal wit Dow component Verizon (NYSE: VZ). Geek Squad may have annual revenue of about $3 billion, according to Love Goel, CEO of CVG Capital Group, Bloomberg reported.

Posted-In: Geek Squad Love GoelNews Retail Sales Management Pre-Market Outlook Markets Best of Benzinga

 

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