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JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974, selling music and specialist hi-fi equipment. [3] Barbuto sold the business in 1983 to Richard Bouris, David Rodd and Peter Caserta, who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity.
In 2010, competitor JB Hi-Fi was reported as interested in purchasing the chain for a reported sum of $750 million; however, the parties could not reach agreement and the deal was not finalised. It was also reported that both Wesfarmers and the US based Blackstone Group had expressed interest in purchasing the chain.
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On March 20, JB Hi-Fi NOW Video service announced that it would close on 13 April 2017. On March 23, Vudu expanded its Disc to Digital service. Users could now convert their movie library using the Vudu app on a mobile phone. [61] They also announced that the in-store Disc to Digital program would be suspended on April 1.
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