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Best Buy recently announced that it will be cutting 2,400 jobs

It's no secret that Best Buy is sinking under the weight of its competitors. With online retailers like Amazon flourishing with competitive prices, the brick-and-mortar electronics store is having trouble keeping up, and it's starting to show more and more as the company continues cutting jobs.

Best Buy recently announced that it would be cutting 2,400 jobs, which is about 1.4 percent of its total workforce of 167,000. About 600 of these cuts will come from the Geek Squad service while the other 1,800 will come from store staff.

This announcement comes after the company's decision to close 50 of its big-box stores in March of this year. It also cut 400 corporate and support jobs.

"These changes were previously announced as part of the leadership team's ongoing turnaround plan," said Best Buy in a statement.

The company aims to cut costs by $800 million by 2015.

In addition to increased competition with the likes of Amazon, Walmart and Apple, Best Buy has had internal issues with management. Former Best Buy CEO Brian Dunn recently quit after the board investigated his personal relationship with a female employee. Also, Best Buy chairman and founder Richard Schulze resigned from his position in June, which was one year earlier than expected.

Source: Market Watch

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RE: From a business side of things
By Florinator on 7/9/2012 6:04:37 PM , Rating: 3
I thought it was basic knowledge that you're not supposed to dip your pen in company's ink... even more so when you're in a management position! It's not about how good the CEO is pursuing the company's best interests, but also how sound his judgement is. How can you trust the CEO if he can't make sound personal decisions?

RE: From a business side of things
By bupkus on 7/10/2012 12:26:46 AM , Rating: 2
you're not supposed to dip your pen in company's ink...
More importantly, Mark Hurd was never found dipping his pen in company red ink.

RE: From a business side of things
By Lerianis on 7/10/2012 7:16:48 AM , Rating: 2
With all due respect, most people couldn't care at all if you are 'dating a female employee'. That has gone on for YEARS and all the 'problems' from it come from everybody automatically assuming "Sleep with woman = give her perks and less harsh treatment". It doesn't always or even 1/10th of the time mean that.

"Well, we didn't have anyone in line that got shot waiting for our system." -- Nintendo of America Vice President Perrin Kaplan

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