DAVOS, Switzerland (Reuters) - U.S.-based electronics retailer Best Buy Co could take advantage of bankruptcies in the sector by making acquisitions, but remains cautious as the market nears a bottom, CEO Brad Anderson said.
"We are looking at some of those (individual stores in bankruptcy), but our first priority is to stay cash strong," Anderson told Reuters on Thursday, on the sidelines of the World Economic Forum in Davos, Switzerland.
"We would be more cautious than we would (be) in most environments," Anderson, who plans to retire in June, said.
On the subject of the U.S. economy, Anderson said he thought "we are probably close to a bottom," but could see "a little further drift down (in U.S. consumer spending) as we go into the year."
On Wednesday, Best Buy said it would begin involuntary layoffs at its Minneapolis headquarters in an effort to cut costs.
The move follows similar actions at retailers across the United States as a deepening recession and soft housing market pressure consumer wallets.
(Reporting by Nichola Groom; editing by Simon Jessop)
