Quick Note: Best Buy Axes 2,400 Jobs
July 9, 2012 4:00 PM
comment(s) - last by
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
RE: From a business side of things
7/10/2012 11:49:11 AM
- When you represent the financial interests of others such as the company owners (aka stockholders), you're under the proverbial microscope so trying to stay under the radar ain't gonna' happen (especially for a CEO). Look at the facts, Best Buy has since been down-spiraling which Dunn didn't really fix, his apparent relationship was also uncovered, and then he suddenly quit. Why would everyone mind their own business on these red flags? And if you read the article, you would see that he abruptly quit just when Best Buy started its investigation (as if he was trying to hide something like, oh I don't know, possible mismanagement of funds or other company resources thus further compounding his misconduct).
"You can bet that Sony built a long-term business plan about being successful in Japan and that business plan is crumbling." -- Peter Moore, 24 hours before his Microsoft resignation
Best Buy Founder/Chairman Resigns 1 Year Early
June 8, 2012, 6:20 PM
Quick Note: Best Buy Offers Up Full List of Store Closings
April 15, 2012, 4:12 PM
UPDATED: Best Buy CEO Resigns, Company Now Citing "Personal Conduct" for Departure
April 10, 2012, 1:02 PM
No Free Play Day for You! Microsoft Says Apparent Promotion was an Error
August 22, 2014, 2:50 PM
BlackBerry Passport to Feature Snapdragon 800 Processor, 3,450 mAh Battery
August 22, 2014, 2:05 PM
Moto X+1 Press Renders Leak, New Images Show Schematics for 4.7", 5.5" iPhone 6
August 22, 2014, 9:52 AM
BlackBerry’s Latest "Plug" for its Passport Smartphone: Displaying Sharp X-rays for Doctors
August 21, 2014, 4:49 PM
Sprint Introduces $60 Unlimited Plan, Touts $20/Month Costs Savings Versus T-Mobile
August 21, 2014, 2:05 PM
Opera Becomes Official Browser of Microsoft-Nokia's Non-Windows Phones
August 21, 2014, 1:01 PM
Most Popular Articles
Lumia 830 Gets Major Upgrades Including New 20.1 Megapixel Toshiba Sensor
August 15, 2014, 6:00 PM
Windows Phone, BlackBerry Smartphone Market Share Falls to 2.5%, 0.5% Respectively
August 15, 2014, 9:44 AM
GM Concedes That the Cadillac ELR Doesn’t Really Compete with the Tesla Model S
August 15, 2014, 5:42 PM
Report: Windows 9 “Threshold” Tech Preview Coming Next Month
August 15, 2014, 11:29 AM
Apple Scores Patents, Preps New Reversible USB Plug for iPhone 6 Connector
August 18, 2014, 1:32 PM
Latest Blog Posts
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information