Best Buy Cuts 400 Jobs at Corporate Headquarters26 Feb, 2013 By: Erik Gruenwedel
Best Buy Co. Feb. 26 said it slashed 400 positions (5% of staff) at its Richmond, Minn., corporate headquarters as part of $150 million in planned cuts in expenses.
The cuts, which CEO Hubert Joly has included in the consumer electronics retailers’ “Renew Blue” internal restructuring program, do not include any of the chain’s retail employees.
The majority of the reductions come from non-salary positions. The company said the initial cuts were achieved by focusing on the company’s core business, removing management layers and eliminating operational inefficiencies.
Best Buy reportedly employs 8,000 people in Minneapolis and 160,000 globally.
Earlier this month, Best Buy said it would shutter 15 stores in Canada.
The retailer reports fourth-quarter fiscal results Feb. 28.