Brian Dunn, the chief executive of American retail giant Best Buy, has resigned.
The company claims it was a mutual decision based on the fact that “it’s time for new leadership to address the challenges that face the company".
Last month the retailer revealed plans to close 50 US stores – a move that of course comes not long after Best Buy abandoned its UK plans just weeks after it opened its 11th store in Enfield, North London.
And just last week credit agency Standard & Poor threatened to lower the company’s credit rating due to uncertainties surrounding its business model.
"This is a company that had a sales guy in charge, and I just don't think they are well positioned to deal with the onslaught from the internet," Wedbush Morgan’s Michael Pachter told the BBC.
“They have a big disadvantage to the internet retailers because they have a big cost structure. So they need a guy who can fix that rather than trying to sell more stuff.”