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EXHIBIT 99.1
For more information, contact:
Kristen Lark
214.220.2484
[email protected]
GOOD GUYS NAMES BEST BUY'S KENNETH R. WELLER PRESIDENT
INDUSTRY VETERAN RETURNS TO GOOD GUYS TO FORTIFY SALES RESURGENCE,
MAXIMIZE GROWTH OPPORTUNITIES
SAN FRANCISCO - August 16, 2000 - Good Guys (Nasdaq: GGUY), the
nation's second-largest specialty retailer of consumer entertainment
electronics, today announced that Kenneth R. Weller has been named to the newly
created position of president to help Good Guys maximize the expanding growth
opportunities in digital and high-tech entertainment electronics and lead the
company's efforts to boost sales and rapidly expand its market share. Weller
will also serve on the board of directors, filling a previously vacant seat on
the nine-member board.
Weller, 52, most recently served as Best Buy's senior vice president of
sales after spending more than 11 years at Good Guys, where he was vice
president of sales from 1986 to 1993. As president, Weller initially will be
responsible for all aspects of sales and customer service as well as operations,
human resources, real estate and management information systems. He will report
to founder, Chairman and Chief Executive Officer Ronald A. Unkefer, who will
continue in his current role and oversee corporate functions, including
merchandising, advertising and finance, as well as the implementation of the
company's overall business strategy.
"The return home of Ken Weller will further strengthen Good Guys' value
proposition to early adopters and tech-savvy consumers of entertainment
electronics who demand a superior level of service and a distinctive product
selection," said Unkefer. "With Ken's proven leadership, I firmly believe that
Good Guys can accelerate our long-term growth by super-serving the needs of our
customers, embarking on new and innovative opportunities to capitalize on the
growing adoption of digital technologies and building the most knowledgeable and
effective sales force in the industry."
Weller began his career in 1982 as a sales associate at Good Guys'
Concord store, rising to the position of vice president of sales in 1986 after
holding various store management
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positions. Weller is largely credited with the massive growth Good Guys
experienced during his seven years at the helm of the sales organization. Under
his leadership, sales grew more than 500 percent and the store base expanded
from 11 stores to 45 stores. Since 1993, Weller has led Best Buy's expansion
throughout the western United States, opening more than 60 stores in seven
years, and has been responsible for half of all Best Buy's retail sales.
"With Good Guys' tremendous buying power, well-established brand
recognition and highly trained sales force, the company offers customers an
exceptional blend of broad product selection and customer service at extremely
competitive prices that is unrivaled by the national chains and local specialty
stores," said Weller. "I look forward to returning to Good Guys and working with
the stellar team that has been assembled to build a world-class sales
organization and better serve the niche market Good Guys has created for
discerning customers of mid to high-end consumer entertainment electronics."
Good Guys is a leading specialty retailer of consumer entertainment
electronics, offering a distinctive selection of fully featured digital and
high-tech products from more than 100 of the world's most respected
manufacturers. Founded in 1973, Good Guys currently operates 79 stores in
California, Nevada, Oregon and Washington. For more information, visit
www.goodguys.com.
To the extent this news release contains forward-looking statements, such
statements are subject to risks and uncertainties, including, but not limited to
the successful implementation of the Company's current restructuring program,
increases in promotional activities of competitors, changes in consumer buying
attitudes, the presence or absence of new products or product features in the
Company's merchandise categories, changes in vendor support for advertising and
promotional programs, changes in the Company's merchandise sales mix, and
economic conditions.
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