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.
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.
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