MINNEAPOLIS-The first phase of a planned quarter-billion-dollar streamlining of Best Buy Corp. has begun with 400 jobs being cut at its corporate headquarters here.
The job cuts are said to be the opening round of a multi-year, $750-million streamlining of the $50-billion consumer electronics retailer being instituted by Best Buy CEO Hubert Joly. The layoffs announced Tuesday are on top of the 400 corporate jobs Best Buy eliminated less than a year ago. Best Buy has a global workforce of 160,000 that includes approximately 8,000 in Minnesota, according to The Star Tribune.
On the immediate horizon for Best Buy is a Thursday deadline for company founder Richard Schulze to acquire the company. See story in the Star Tribune.
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