The Biz Buzz
Best Buy Cuts 400 Corporate Jobs
The company said there are more cuts coming over the next year.
Richfield's Best Buy implemented its first phase of 2013 cost cutting measures Tuesday when it announced 400 headquarter jobs were being cut. According to a company statement, the cuts will save $150 million and is just the first phase of the $725 million cost-cutting plan announced last fall. The cuts do not affect retail store employees, known as Blue Shirts, or include any store closings. More cuts will likely be announced after the company reports its fourth quarter earnings. Best Buy's top executive layer was also eliminated in October 2012. The following statement was released by Best Buy: Best Buy Co., Inc. (NYSE: BBY) today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 …
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