Best Buy (NYSE:BBY) has cut 2,400 more jobs as part of its turnaround effort.
Best Buy Job Cut Hits 2,400
Best Buy (NYSE:BBY) announced that it is set to eliminate 2,400 jobs companywide.
These cuts are a part of its latest move to cut costs and turn the company around.
Affected employees will be eligible for severance and job placement assistance.
Bruce Hight, Best Buy (NYSE:BBY) spokesman, said that, “The cuts are related to a major restructuring plan outlined in March, but they are in addition to the 400 corporate job cuts announced at that time. The 2,400 jobs include about 600 Geek Squad positions and roughly 1,800 Best Buy (NYSE:BBY) store employees. The positions will be eliminated by August 1.These changes were previously announced as part of the leadership team’s ongoing turnaround plan. Best Buy (NYSE:BBY) is working to minimize the impact of the changes on employees while building the foundation for a strong future”.
Best Buy (NYSE:BBY) stocks are currently standing at 21.59.