Best Buy is America's 6th most hated company, says 24/7 Wall St.
Best Buy: More hated than Walmart? 24/7 Wall St. thinks so.
Best Buy has been receiving a lot of negative publicity lately, and that trend continued when 24/7 Wall St. published its list of the 10 most hated companies in America.
Using an algorithm including factors like consumer satisfaction, customer care, pricing of products and services, brand impressions, present earnings, and profit forecasts, the investment analysis publication pegged Best Buy as the sixth most hated company.
Perhaps the list should be taken with a grain of salt, however. Somehow, Walmart didn't crack the top 10.
Here's what 24/7 Wall St. had to say about Minnesota's third-largest company:
The electronics retailer broke the cardinal rule of customer relations. It failed to keep a promise to its customers -- and told them when it was too late. Best Buy (NYSE: BBY) ran out of certain items that people had ordered for Christmas, but did not tell the customers until two days before the holiday. In a Forbes article, which argues that Best Buy will slowly go out of business, the author pointed out that the retailer's explanation made it appear that some force from outside the company caused the problem -- this was not the case. According to the company's press release, "Due to overwhelming demand of hot product offerings on BestBuy.com during the November and December time period, we have encountered a situation that has affected redemption of some of our customers' online orders." Did Best Buy encounter the problem, or did the problem encounter Best Buy? ForeSee research recently issued its 2011 Retail Satisfaction list for the holidays. Best Buy rival Amazon.com (NASDAQ: AMZN) was at the top of the list. Best Buy was not even in the top 20. Wall St. has no reason to be happy with Best Buy either. Its shares have fallen 30% in the past year.
Facebook, American Airlines, AT&T, Nokia, and Goldman Sachs are the five companies even more hated than Best Buy, according to the study. To see the full rankings, click here.
-- Best Buy: On the road to extinction?
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