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Best Buy To Cut 1,800 More Jobs

The company announced Friday that it would cut more jobs as part of its turnaround efforts.

 

After announcing it would layoff more than 600 Geek Squad employees nationwide late last week, Best Buy confirmed 1,800 other store workers would also be cut. The announcement came Friday.

According to Business Week, Best Buy spokesman Bruce Hight said the layoffs are part of the company's "ongoing turnaround plan."

In March the company confirmed it would close 50 U.S. Stores after another quarter of downed profits and shortly after saw its CEO, Brian Dunn, resign admid a personal conduct investigation.

Since March Best Buy has also vowed to trim corporate employees and cut $800 million in costs over the next three years. A handful of other high-level executives have also left the company, with Best Buy's founder, Dick Schulze, stepping down as chairman.

At Best Buy's annual shareholder meeting in late June, interim CEO Mike Mikan said in addition to aggressive cost cutting initiatives, improving the customer experience in the stores and online was a key to success. The Richfield retail store was recently revamped to fit the new "Connected Stores" model. The new model and plans for more employee training will hopefully enable workers to keep sales in the store.

The company is still in the process of searching for a new CEO.

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Related Topics: Best Buy, Brian Dunn, Financial Losses, Geek Squad, Layoffs, and Mike Mikan
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