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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on February&nbsp;&nbsp;&nbsp;, 2001  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>U.S. SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>WASHINGTON, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B><IMG SRC="g8972.jpg" ALT="logo" WIDTH="162" HEIGHT="112">  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>BEST BUY CO., INC.<BR>  </B></FONT><FONT SIZE=2>(Exact Name of Registrant as Specified in Its Charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Minnesota</B></FONT><FONT SIZE=2><BR>
(State or Other Jurisdiction<BR>
of Incorporation or Organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>41-0907483</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>7075 Flying Cloud Drive<BR>
Eden Prairie, Minnesota</B></FONT><FONT SIZE=2><BR>
(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><BR><FONT SIZE=2><B>55344</B></FONT><FONT SIZE=2><BR>
(Zip Code)</FONT></TD>
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<UL>
<UL>
<DL compact>
<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2><B>The Assumed Musicland 1988 Stock Option Plan of Best Buy Co., Inc.</B></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2><B>The Assumed Musicland 1992 Stock Option Plan of Best Buy Co.,
Inc.</B></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2><B>The Assumed Musicland 1994 Stock Option Plan of Best Buy Co., Inc.</B></FONT></DD><DT><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2><B>The Assumed Musicland 1998 Stock Incentive
Plan of Best Buy Co., Inc.</B></FONT></DD></DL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>(Full Title of the Plan) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Richard M. Schulze<BR>
7075 Flying Cloud Drive<BR>
Eden Prairie, MN 55344</B></FONT><FONT SIZE=2><BR>
(Name and Address of Agent for Service)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>(952)&nbsp;947-2000</B></FONT><FONT SIZE=2><BR>
(Telephone Number, Including<BR>
Area Code, of Agent for Service)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>Copy of Communications to: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Anne M. Rosenberg<BR>
Robins, Kaplan, Miller &amp; Ciresi L.L.P.<BR>
2800 LaSalle Plaza<BR>
800 LaSalle Avenue<BR>
Minneapolis, MN 55402-2015<BR>
(612)&nbsp;349-8500</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TD WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of Securities To Be Registered</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Amount To Be<BR>
Registered(1)</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price<BR>
Per Share(2)</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Amount Of<BR>
Registration Fee</B></FONT></TD>
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<TD WIDTH="25%"><FONT SIZE=2>Common Stock par value $.10&nbsp;per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2>307,039 shares</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="CENTER"><FONT SIZE=2>$46.60 - $78.72</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2>$17,135,313.89</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=2>$4,283.83</FONT></TD>
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<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>An
undetermined number of additional shares may be issued if the anti-dilution provisions of the Plan become operative.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Pursuant
to Rule&nbsp;457(h)(1), the aggregate offering price is calculated based on the actual exercise prices of the options assumed by the Registrant. </FONT></DD></DL>
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<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    INFORMATION REQUIRED IN THE REGISTRATION STATEMENT    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>Item 3.&nbsp;&nbsp;Incorporation of Documents by Reference.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission are incorporated in this Registration Statement by reference: </FONT></P>

<UL>
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<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Registrant's
Annual Report on Form&nbsp;10-K for the year ended February&nbsp;26, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>All
other reports filed by the Registrant pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (the "1934 Act") since February&nbsp;27, 2000.
<BR><BR></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
description of the Registrant's Common Stock contained in its Registration Statement on Form&nbsp;8-A filed with the Commission pursuant to Section&nbsp;12 of the 1934 Act. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
documents hereafter filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the 1934 Act, prior to the filing of a post-effective amendment which
indicates that all the securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by reference and to be a part
hereof from the date of filing such documents. </FONT></P>

<P><FONT SIZE=2><B>Item 4.&nbsp;&nbsp;Description of Securities.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>Item 5.&nbsp;&nbsp;Interests of Named Experts and Counsel.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Elliot&nbsp;S. Kaplan, a director and Secretary of the Registrant, is also a member of the law firm of Robins, Kaplan, Miller&nbsp;&amp; Ciresi&nbsp;L.L.P.,
which has rendered an opinion as to the legality of the securities being registered. </FONT></P>

<P><FONT SIZE=2><B>Item 6.&nbsp;&nbsp;Indemnification of Directors and Officers.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is subject to the Minnesota Business Corporation Act, Minnesota Statutes, Chapter&nbsp;302A. Minnesota Statutes, Section&nbsp;302A.521,
provides that a corporation shall indemnify any person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of such person against judgments,
penalties, fines, including, without limitation, excise taxes assessed against such person with respect to an employee benefit plan, settlements and reasonable expenses, including attorneys' fees and
disbursements, incurred by such person in connection with the proceeding, if, with respect to the acts or omissions of such person complained of in the proceeding, such person (1)&nbsp;has not been
indemnified therefor by another organization or employee benefit plan; (2)&nbsp;acted in good faith; (3)&nbsp;received no improper personal benefit and Section&nbsp;302A.255 (with respect to
director conflicts of interest), if applicable, has been satisfied; (4)&nbsp;in the case of a criminal proceeding, had no reasonable cause to believe the conduct was unlawful; and
(5)&nbsp;reasonably believed that the conduct was in the best interests of the corporation in the case of acts or omissions in such person's official capacity for the corporation, or reasonably
believed that the conduct was not opposed to the best interests of the corporation in the case of acts or omissions in such person's official capacity for other affiliated organizations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Registrant's Articles of Incorporation provide that a director of the Registrant shall not be personally liable to the Registrant or its shareholders for monetary
damages for breach of fiduciary duty as a director except for liability (1)&nbsp;for any breach of the director's duty of loyalty to the Registrant or its shareholders; (2)&nbsp;for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (3)&nbsp;for paying a dividend or approving a stock repurchase in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

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<P><FONT SIZE=2>
violation of Minnesota Statutes, Section&nbsp;302A.551; (4)&nbsp;for violating the securities registration or anti-fraud provisions of Minnesota Statutes, Section&nbsp;80A.23; (5)&nbsp;for any
transaction from which the director derived an improper personal benefit; or (6)&nbsp;for acts or omissions occurring prior to the date when the relevant provision of the Articles of Incorporation
became effective. The Articles of Incorporation do not limit directors' liability for violations of the federal securities laws. The Articles of Incorporation are consistent with the Minnesota
Business Corporation Act and if such Act is amended to authorize
corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Registrant would be eliminated or limited to the fullest extent permitted
by Minnesota law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;1, 2000, the Registrant obtained a Directors' and Officers' Liability Insurance Policy, with coverage of $100 million, subject to various deductibles and
exclusions from coverage. There is no coverage for liabilities arising in connection with the filing of a registration statement by the Registrant under the Securities Act of 1933 (the "1933 Act") or
under any underwriting agreement entered into in connection with a public offering of securities. </FONT></P>

<P><FONT SIZE=2><B>Item 7.&nbsp;&nbsp;Exemption from Registration Claimed.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><B>Item 8.&nbsp;&nbsp;Exhibits.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following are filed as exhibits to this Registration Statement: </FONT></P>

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<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibits<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Amended and Restated Articles of Incorporation of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit&nbsp;3.1 filed as part of the Registrant's Annual
Report on Form&nbsp;10-K for the fiscal year ended February&nbsp;26, 1994; and to Exhibit&nbsp;3.1 filed as part of the Registrant's Quarterly Report on Form&nbsp;10-Q for the quarter ended August&nbsp;26, 2000).</FONT></TD>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Amended and Restated By-Laws of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit&nbsp;4.2 filed as part of the Registrant's Registration Statement on
Form&nbsp;S-3 [Reg. No.&nbsp;33-43065]; Exhibit&nbsp;3.1 filed as part of the Registrant's Quarterly Report on Form&nbsp;10-Q for the quarter ended November 30, 1991; Exhibit&nbsp;3.3 filed as part of the Registrant's Annual Report on Form&nbsp;10-K
for the fiscal year ended February&nbsp;25, 1995; and Exhibit&nbsp;3.4 filed as part of the Registrant's Annual Report on Form&nbsp;10-K for the fiscal year ended March 1, 1997).</FONT></TD>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1988 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1992 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1994 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1998 Stock Incentive Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinion of Robins, Kaplan, Miller &amp; Ciresi L.L.P. as to the shares of Common Stock being registered.</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Ernst &amp; Young LLP.</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Robins, Kaplan, Miller &amp; Ciresi L.L.P. (contained in their opinion filed as Exhibit&nbsp;5).</FONT></TD>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Power of Attorney (included on signature page hereto).</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

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<P><FONT SIZE=2><B>Item 9.&nbsp;&nbsp;Undertakings.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>i.</FONT></DT><DD><FONT SIZE=2>to
include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act;
<BR><BR></FONT></DD><DT><FONT SIZE=2>ii.</FONT></DT><DD><FONT SIZE=2>to
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>iii.</FONT></DT><DD><FONT SIZE=2>to
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>Provided, however</I></FONT><FONT SIZE=2>, that paragraphs (i) and (ii), above, do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the 1934 Act that are incorporated by reference in this Registration
Statement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;That,
for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;That,
for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section&nbsp;13(a) or Section 15(d)
of the 1934 Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such
issue. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

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<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Eden Prairie, State
of Minnesota, on this 23rd&nbsp;day of February, 2001. </FONT></P>

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<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="50%" COLSPAN=2><FONT SIZE=2><B>BEST BUY CO., INC.</B></FONT></TD>
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<TD WIDTH="48%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="46%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>DARREN R. JACKSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Darren R. Jackson<BR></FONT> <FONT SIZE=2><I>Senior Vice President&#151;Finance,<BR>
Treasurer and Chief Financial Officer</I></FONT></TD>
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<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints RICHARD&nbsp;M. SCHULZE and DARREN&nbsp;R. JACKSON, and each of them, his true and
lawful attorneys-in-fact and agents, each acting alone, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all
amendments (including post-effective amendments) to the Registration Statement on Form&nbsp;S-8 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting
alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on February&nbsp;23,
2001. </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>RICHARD M. SCHULZE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard M. Schulze</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2>Chairman, Chief Executive Officer<BR>
(principal executive officer) and Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>DARREN R. JACKSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Darren R. Jackson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Senior Vice President&#151;Finance, Treasurer and Chief Financial Officer<BR>
(principal financial and accounting officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>ALLEN U. LENZMEIER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Allen U. Lenzmeier</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>BRADBURY H. ANDERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bradbury H. Anderson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="CENTER"><BR></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>MARK C. THOMPSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Mark C. Thompson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>ELLIOT S. KAPLAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Elliot S. Kaplan</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>FRANK D. TRESTMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Frank D. Trestman</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Hatim A. Tyabji</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JAMES C. WETHERBE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James C. Wetherbe</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>KATHY HIGGINS VICTOR</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Kathy Higgins Victor</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>ROBERT T. BLANCHARD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert T. Blanchard</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JACK W. EUGSTER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jack W. Eugster</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>II-5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1419_exhibit_index"> </A>
<A NAME="toc_ka1419_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibits<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Amended and Restated Articles of Incorporation of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit&nbsp;3.1 filed as part of the Registrant's Annual
Report on Form&nbsp;10-K for the fiscal year ended February&nbsp;26, 1994; and to Exhibit&nbsp;3.1 filed as part of the Registrant's Quarterly Report on Form&nbsp;10-Q for the quarter ended August&nbsp;26, 2000).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Amended and Restated By-Laws of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit 4.2 filed as part of the Registrant's Registration Statement on Form
&nbsp;S-3 [Reg. No.&nbsp;33-43065]; Exhibit&nbsp;3.1 filed as part of the Registrant's Quarterly Report on Form&nbsp;10-Q for the quarter ended November&nbsp;30, 1991; Exhibit&nbsp;3.3 filed as part of the Registrant's Annual Report on Form&nbsp;10-K
for the fiscal year ended February&nbsp;25, 1995; and Exhibit&nbsp;3.4 filed as part of the Registrant's Annual Report on Form&nbsp;10-K for the fiscal year ended March&nbsp;1, 1997).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1988 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1992 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1994 Stock Option Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>4.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>The Assumed Musicland 1998 Stock Incentive Plan of Best Buy&nbsp;Co.,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinion of Robins, Kaplan, Miller&nbsp;&amp; Ciresi&nbsp;L.L.P. as to the shares of Common Stock being registered.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Ernst&nbsp;&amp; Young&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Robins, Kaplan, Miller&nbsp;&amp; Ciresi&nbsp;L.L.P. (contained in their opinion filed as Exhibit&nbsp;5).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Power of Attorney (included on signature page hereto).</FONT></TD>
</TR>
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<FONT SIZE=2><A HREF="#toc_ja1419_1">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc1419_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc1419_2">POWER OF ATTORNEY</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ka1419_1">EXHIBIT INDEX</A></FONT><BR>
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[{"type": "S-8", "sequence": "1", "filename": "a2039604zs-8.htm", "description": "S-8", "secsgml_size_bytes": 34991}]
{"company-data": {"conformed-name": "BEST BUY CO INC", "cik": "0000764478", "assigned-sic": "5731", "irs-number": "410907483", "state-of-incorporation": "MN", "fiscal-year-end": "0301"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-56146", "film-number": "1553493"}, "business-address": {"street1": "7075 FLYING CLOUD DR", "city": "EDIN PRARIE", "state": "MN", "zip": "55344", "phone": "6129472000"}, "mail-address": {"street1": "P O BOX 9312", "city": "MINNEAPOLIS", "state": "MN", "zip": "55440-9312"}, "former-company": {"former-conformed-name": "BEST BUYS CO INC", "date-changed": "19900809"}}
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As filed with the Securities and Exchange Commission on February   , 2001
Registration Statement No. 333-
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
BEST BUY CO., INC.
(Exact Name of Registrant as Specified in Its Charter)
Minnesota
(State or Other Jurisdiction
of Incorporation or Organization)
41-0907483
(I.R.S. Employer
Identification No.)
7075 Flying Cloud Drive
Eden Prairie, Minnesota
(Address of Principal Executive Offices)
55344
(Zip Code)
1.
The Assumed Musicland 1988 Stock Option Plan of Best Buy Co., Inc.
2.
The Assumed Musicland 1992 Stock Option Plan of Best Buy Co.,
Inc.
3.
The Assumed Musicland 1994 Stock Option Plan of Best Buy Co., Inc.
4.
The Assumed Musicland 1998 Stock Incentive
Plan of Best Buy Co., Inc.
(Full Title of the Plan)
Richard M. Schulze
7075 Flying Cloud Drive
Eden Prairie, MN 55344
(Name and Address of Agent for Service)
(952) 947-2000
(Telephone Number, Including
Area Code, of Agent for Service)
Copy of Communications to:
Anne M. Rosenberg
Robins, Kaplan, Miller & Ciresi L.L.P.
2800 LaSalle Plaza
800 LaSalle Avenue
Minneapolis, MN 55402-2015
(612) 349-8500
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities To Be Registered
Amount To Be
Registered(1)
Proposed Maximum
Offering Price
Per Share(2)
Proposed Maximum
Aggregate
Offering Price
Amount Of
Registration Fee
Common Stock par value $.10 per share
307,039 shares
$46.60 - $78.72
$17,135,313.89
$4,283.83
(1)
An
undetermined number of additional shares may be issued if the anti-dilution provisions of the Plan become operative.
(2)
Pursuant
to Rule 457(h)(1), the aggregate offering price is calculated based on the actual exercise prices of the options assumed by the Registrant.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The following documents filed with the Securities and Exchange Commission are incorporated in this Registration Statement by reference:
1.
Registrant's
Annual Report on Form 10-K for the year ended February 26, 2000.
2.
All
other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "1934 Act") since February 27, 2000.
3.
The
description of the Registrant's Common Stock contained in its Registration Statement on Form 8-A filed with the Commission pursuant to Section 12 of the 1934 Act.
All
documents hereafter filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the 1934 Act, prior to the filing of a post-effective amendment which
indicates that all the securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by reference and to be a part
hereof from the date of filing such documents.
Item 4.  Description of Securities.
Not applicable.
Item 5.  Interests of Named Experts and Counsel.
Elliot S. Kaplan, a director and Secretary of the Registrant, is also a member of the law firm of Robins, Kaplan, Miller & Ciresi L.L.P.,
which has rendered an opinion as to the legality of the securities being registered.
Item 6.  Indemnification of Directors and Officers.
The Registrant is subject to the Minnesota Business Corporation Act, Minnesota Statutes, Chapter 302A. Minnesota Statutes, Section 302A.521,
provides that a corporation shall indemnify any person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of such person against judgments,
penalties, fines, including, without limitation, excise taxes assessed against such person with respect to an employee benefit plan, settlements and reasonable expenses, including attorneys' fees and
disbursements, incurred by such person in connection with the proceeding, if, with respect to the acts or omissions of such person complained of in the proceeding, such person (1) has not been
indemnified therefor by another organization or employee benefit plan; (2) acted in good faith; (3) received no improper personal benefit and Section 302A.255 (with respect to
director conflicts of interest), if applicable, has been satisfied; (4) in the case of a criminal proceeding, had no reasonable cause to believe the conduct was unlawful; and
(5) reasonably believed that the conduct was in the best interests of the corporation in the case of acts or omissions in such person's official capacity for the corporation, or reasonably
believed that the conduct was not opposed to the best interests of the corporation in the case of acts or omissions in such person's official capacity for other affiliated organizations.
In
addition, the Registrant's Articles of Incorporation provide that a director of the Registrant shall not be personally liable to the Registrant or its shareholders for monetary
damages for breach of fiduciary duty as a director except for liability (1) for any breach of the director's duty of loyalty to the Registrant or its shareholders; (2) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (3) for paying a dividend or approving a stock repurchase in
II-1
violation of Minnesota Statutes, Section 302A.551; (4) for violating the securities registration or anti-fraud provisions of Minnesota Statutes, Section 80A.23; (5) for any
transaction from which the director derived an improper personal benefit; or (6) for acts or omissions occurring prior to the date when the relevant provision of the Articles of Incorporation
became effective. The Articles of Incorporation do not limit directors' liability for violations of the federal securities laws. The Articles of Incorporation are consistent with the Minnesota
Business Corporation Act and if such Act is amended to authorize
corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Registrant would be eliminated or limited to the fullest extent permitted
by Minnesota law.
As
of September 1, 2000, the Registrant obtained a Directors' and Officers' Liability Insurance Policy, with coverage of $100 million, subject to various deductibles and
exclusions from coverage. There is no coverage for liabilities arising in connection with the filing of a registration statement by the Registrant under the Securities Act of 1933 (the "1933 Act") or
under any underwriting agreement entered into in connection with a public offering of securities.
Item 7.  Exemption from Registration Claimed.
Not applicable.
Item 8.  Exhibits.
The following are filed as exhibits to this Registration Statement:
Exhibits
4.1
Amended and Restated Articles of Incorporation of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit 3.1 filed as part of the Registrant's Annual
Report on Form 10-K for the fiscal year ended February 26, 1994; and to Exhibit 3.1 filed as part of the Registrant's Quarterly Report on Form 10-Q for the quarter ended August 26, 2000).
4.2
Amended and Restated By-Laws of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit 4.2 filed as part of the Registrant's Registration Statement on
Form S-3 [Reg. No. 33-43065]; Exhibit 3.1 filed as part of the Registrant's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991; Exhibit 3.3 filed as part of the Registrant's Annual Report on Form 10-K
for the fiscal year ended February 25, 1995; and Exhibit 3.4 filed as part of the Registrant's Annual Report on Form 10-K for the fiscal year ended March 1, 1997).
4.3
The Assumed Musicland 1988 Stock Option Plan of Best Buy Co., Inc.
4.4
The Assumed Musicland 1992 Stock Option Plan of Best Buy Co., Inc.
4.5
The Assumed Musicland 1994 Stock Option Plan of Best Buy Co., Inc.
4.6
The Assumed Musicland 1998 Stock Incentive Plan of Best Buy Co., Inc.
5
Opinion of Robins, Kaplan, Miller & Ciresi L.L.P. as to the shares of Common Stock being registered.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Robins, Kaplan, Miller & Ciresi L.L.P. (contained in their opinion filed as Exhibit 5).
24
Power of Attorney (included on signature page hereto).
II-2
Item 9.  Undertakings.
The undersigned Registrant hereby undertakes:
a.  To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
i.
to
include any prospectus required by Section 10(a)(3) of the 1933 Act;
ii.
to
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and
iii.
to
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement.
Provided, however
, that paragraphs (i) and (ii), above, do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference in this Registration
Statement;
b.  That,
for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
c.  To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
d.  That,
for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d)
of the 1934 Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof; and
e.  Insofar
as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such
issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Eden Prairie, State
of Minnesota, on this 23rd day of February, 2001.
BEST BUY CO., INC.
By:
/s/
DARREN R. JACKSON
Darren R. Jackson
Senior Vice President—Finance,
Treasurer and Chief Financial Officer
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints RICHARD M. SCHULZE and DARREN R. JACKSON, and each of them, his true and
lawful attorneys-in-fact and agents, each acting alone, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all
amendments (including post-effective amendments) to the Registration Statement on Form S-8 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting
alone, or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on February 23,
2001.
Signature
Title
/s/
RICHARD M. SCHULZE
Richard M. Schulze
Chairman, Chief Executive Officer
(principal executive officer) and Director
/s/
DARREN R. JACKSON
Darren R. Jackson
Senior Vice President—Finance, Treasurer and Chief Financial Officer
(principal financial and accounting officer)
/s/
ALLEN U. LENZMEIER
Allen U. Lenzmeier
Director
/s/
BRADBURY H. ANDERSON
Bradbury H. Anderson
Director
II-4
/s/
MARK C. THOMPSON
Mark C. Thompson
Director
/s/
ELLIOT S. KAPLAN
Elliot S. Kaplan
Director
/s/
FRANK D. TRESTMAN
Frank D. Trestman
Director
Hatim A. Tyabji
Director
/s/
JAMES C. WETHERBE
James C. Wetherbe
Director
/s/
KATHY HIGGINS VICTOR
Kathy Higgins Victor
Director
/s/
ROBERT T. BLANCHARD
Robert T. Blanchard
Director
/s/
JACK W. EUGSTER
Jack W. Eugster
Director
II-5
EXHIBIT INDEX
Exhibits
4.1
Amended and Restated Articles of Incorporation of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit 3.1 filed as part of the Registrant's Annual
Report on Form 10-K for the fiscal year ended February 26, 1994; and to Exhibit 3.1 filed as part of the Registrant's Quarterly Report on Form 10-Q for the quarter ended August 26, 2000).
4.2
Amended and Restated By-Laws of the Registrant, as amended, defining the rights of holders of its Common Stock (incorporated by reference to Exhibit 4.2 filed as part of the Registrant's Registration Statement on Form
 S-3 [Reg. No. 33-43065]; Exhibit 3.1 filed as part of the Registrant's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991; Exhibit 3.3 filed as part of the Registrant's Annual Report on Form 10-K
for the fiscal year ended February 25, 1995; and Exhibit 3.4 filed as part of the Registrant's Annual Report on Form 10-K for the fiscal year ended March 1, 1997).
4.3
The Assumed Musicland 1988 Stock Option Plan of Best Buy Co., Inc.
4.4
The Assumed Musicland 1992 Stock Option Plan of Best Buy Co., Inc.
4.5
The Assumed Musicland 1994 Stock Option Plan of Best Buy Co., Inc.
4.6
The Assumed Musicland 1998 Stock Incentive Plan of Best Buy Co., Inc.
5
Opinion of Robins, Kaplan, Miller & Ciresi L.L.P. as to the shares of Common Stock being registered.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Robins, Kaplan, Miller & Ciresi L.L.P. (contained in their opinion filed as Exhibit 5).
24
Power of Attorney (included on signature page hereto).
QuickLinks
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX