Best Buy Axes 40 Corporate Staffers19 Feb, 2009 By: Erik Gruenwedel
There are 40 corporate employees at Best Buy Co.’s Minneapolis headquarters who probably wish they could turn back the hands of time.
They were among the first layoffs initiated Feb. 19 by the No. 1 consumer electronics retailer at the corporate level following last month’s staff reductions in which 500 employees — prompted by expanded severance and healthcare benefits — left the company voluntarily.
Best Buy employed 3,460 people at the corporate level following the layoffs, including the relocation of 210 personnel to new positions throughout the company, according to spokesperson Sue Busch Nehring.
Best Buy has not announced any job cuts at the store level.
Revenue declines in computer electronics and packaged media (movies and music) contributed to Best Buy posting a 6.5% same-store (open at least 12 months) sales decline for the December sales period ended Jan. 3, compared to a 1.5% increase during the previous year period ended Jan. 5, 2008.