Best Buy Jettisoning Musicland Division
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From Bloomberg News
Best Buy Co. jettisoned its money-losing Musicland division, turning it over to closely held Sun Capital Partners Inc. two years after buying the music and video chain for $696 million.
No cash was involved in the transaction.
Sun Capital assumed all liabilities, including leases, of the operator of 1,137 Sam Goody, Suncoast and Media Play stores, said Lisa Hawks, a Best Buy spokeswoman.
The liabilities will be disclosed when Richfield, Minn.-based Best Buy releases quarterly results Wednesday.
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