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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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By Kurz on 7/10/2012 10:17:47 AM , Rating: 2
When I worked there, I was one of the few people who did anything right. I didn't sell much, but I knew how to fix computers. They let me go because I wasn't pushing products out of my ass, when there was a cheaper more sensible solution.


"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer














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