MINNEAPOLIS, March 10, 2011 – Best Buy Co., Inc. (NYSE:BBY), a leading retailer of consumer technology, today praised Governor Pat Quinn for signing the “Main Street Fairness Act” which will help the state’s retail merchants compete on a level playing field with online-only retailers, and help maintain and grow retail jobs in Illinois.
The legislation requires online-only retailers with an Illinois presence through affiliates to collect and remit sales taxes due from consumers that traditional brick-and-mortar stores already collect. Best Buy makes significant investments in property, payroll and philanthropy in Illinois communities. The company believes it is important that the state apply the same sales tax collection rules for all sellers.
In addition, in an open letter last week to U.S. small businesses, Best Buy reassured its affiliate selling partners in Illinois that its program is not negatively impacted by this legislation, and continues to welcome new affiliate partners in Illinois.
Best Buy currently serves Illinois residents with technology, content and related services through its approximately 70 retail storefronts, warehouse and service centers, by phone and online at www.bestbuy.com. Best Buy collects and remits sales taxes to the State of Illinois from sales through these channels.
About Best Buy Co., Inc.
With operations in the United States, Canada, Europe, China, Mexico and Turkey, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $49 billion in annual revenue and includes brands such as Best Buy; Best Buy Mobile; Audiovisions; The Carphone Warehouse; Future Shop; Geek Squad, Jiangsu Five Star; Magnolia Audio Video; Napster; Pacific Sales; and The Phone House. Approximately 180,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and Web sites, in-home solutions, product delivery and activities in our communities. Community partnership is central to the way Best Buy does business. In fiscal 2010, Best Buy donated a combined $25.2 million to improve the vitality of the communities where their employees and customers live and work.