Best Buy (BBY) is apologizing following accusations of price-gouging after a photo posted online showed cases of water for sale at one of the electronic retailer’s Houston-area stores for more than $42.
The photo, which was widely shared on Instagram and Twitter, appeared to have been taken by a Houston resident.
Best Buy says the pricing was “clearly a mistake on the part of a few employees at a single store.” The company explained in a statement that it doesn’t have pricing for cases of water in its system, and employees priced the water “by multiplying the cost of one bottle by the number of bottles in a case.”
The company said it was “deeply sorry that we gave anyone even the momentary impression that we were trying to take advantage of the situation.”
Price-gouging, or charging excessive amounts for necessities during a natural disaster, isin Texas and in most states, with violators subject to fines up to $250,000.
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Source: CBS News – Moneywatch