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.
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RE: From a business side of things
7/10/2012 11:24:32 AM
Honestly, I don't think most people care. I've owned many stocks before (although not Best Buy) and it's tough to get a good CEO so firing one because of immaterial problems like this is against my own financial interests in my opinion.
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