Categories Retail, Technology

Best Buy stock slips following burglary, new deal

Best Buy (BBY) stock closed 0.7% in red on Wednesday after news broke out of the Hollywood-inspired burglary at its Georgia outlet. The stocks were also reacting to the consumer electronics retailer’s announcement that it is heavily investing in distribution facility from Liberty Property Trust (LPT).

Thieves broke into the store through the roof and rappelled down as you would see in a Tom Cruise flick, before stealing $100,000 worth of Apple (AAPL) products including MacBooks, iPads, and iPhones from the storeroom.

Since surveillance cameras were not installed here, the video footages of the incident were not available. Meanwhile, it is expected that surveillance video footages from the nearby areas might provide cops with some clues on the robbers’ identity. Police offices are probing whether the incident has any connection with other roof burglaries that have happened earlier in Florida and Texas.

On the same day, another report also grabbed some limelight. Best Buy said it has signed a lease agreement with Liberty Property Trust to rent 57,120 square feet at Liberty Ridge Business Park in Durham, NC. The retailer plans to use this distribution facility, which is likely to open this summer, as a home-delivery center for large appliances.

Best Buy stock had been trading between $55.17 and $75.86 for the past 52 weeks.

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