Quick Note: Best Buy Axes 2,400 Jobs
July 9, 2012 4:00 PM
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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.
This article is over a month old, voting and posting comments is disabled
7/10/2012 11:12:24 AM
There are four shops that come to mind with your comment:
- Apple staff is at least reasonably knowledgeable about their own stuff, are helpful, and are the same price as online (+ tax, which is a fairly small price to pay)
- Microcenter and Frys are cheap enough - good if I need to pop in for a cable/router/flash drive etc that I don't want to wait to get shipped. The staff is reasonably helpful, but I don't know how knowledgeable they are on the whole.
- B&H Photo Video in NYC has online level pricing, and when you go into the store, among the most knowledgeable sales staff I've ever encountered - sure, it's sometimes dumbed down so that people are willing to listen, but they'll generally point you in the right direction. It doesn't hurt that they have a huge selection of equipment - and very little in the way of media (DVDs/Bluray/CDs).
If Best Buy could manage to be like Microcenter or Frys for their 'general' store and be like B&H or Apple for their Magnolia stores, I'd be more likely to use their stores as more than just glorified showrooms with blue-shirted stockboys.
"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer
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