Skip to main content

Best Buy has confirmed it has made job cuts just weeks after warning of a dip in sales because of weaker demand for electronics combined with inflationary pressure.

The Wall Street Journal reported on Friday that the Richfield-based retailer had cut "hundreds" of jobs in stores across the country this past week in an effort to boost its profits, with some of those impacted being those who help people buy home entertainment layouts.

Best Buy's most recent results, for the 1st Quarter, showed that net income had dipped compared to 2021, but it still made profits of $349 million.

The company did not refute the WSJ report, saying in a statement to Bring Me The News that it is "always evaluating and evolving our teams to make sure we’re serving our customers."

"With an ever-changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams that include eliminating a small number of roles," the company said.

Best Buy is among the retailers – Walmart among them – that is being impacted by lower consumer demand for electronics thanks to a combination of inflation and the transition away from early pandemic life.

While CNBC reports Best Buy had expected there to be a dip in demand from the early pandemic boom, this has been exacerbated by inflationary pressures that is seeing more consumers passing over bigger ticket items. 

The cuts made by Best Buy represent a tiny percentage of its 100,000-plus U.S. employees, and says that this is typically the time of the year it would review its workforce.

The company still has positions available at its stores – more than the number of roles it cut – and it's planning on boosting its staffing numbers with seasonal workers ahead of the busy holiday season.

Next Up

Screen Shot 2022-09-25 at 11.50.33 AM

15-year-old Richfield football game shooting suspect arrested

A 16-year-old accused of instigating the altercation is also in custody.

Police tape

3 arrested after homicide, burglary in Inver Grove Heights

Charges of first-degree murder and first-degree burglary are pending.

fire, firefighter

Woman dies after becoming trapped in Waseca house fire

Police tried to enter the home but heavy smoke prevented them from getting inside.


1 dead, 2 with life-threatening injuries in Minnesota crash

The crash happened just after 7:30 p.m. Friday.

Image (1)

School bus carrying students plunges into river southwest of Fargo

None of the kids suffered life-threatening injuries, though some were taken to area hospitals.

Richfield High School

Richfield High School cancels weekend events after shooting

Two men were shot outside the school's football stadium

Screen Shot 2022-09-23 at 10.21.38 PM

Sound of shots, mass panic at Richfield football game streamed live on YouTube

Gunfire caused panic at a varsity football game Friday night.

J. Gordon

K-9 search leads to $36K fentanyl seizure during traffic stop

A traffic stop was made after the vehicle was seen speeding through the area.

Screen Shot 2022-09-23 at 5.20.08 PM

Gov. Walz reacts to Tuesday death of Mankato West student

The governor is a former geography teacher at the high school.

court room

Teen pleads guilty to Minneapolis carjacking, admits to others

The man was yanked out of the vehicle by witnesses before fleeing the scene.


best buy

Best Buy considering added security to counter organized retail crime

CEO Corie Barry addressed the issue during a Q3 earnings call.

best buy

Best Buy reportedly cutting jobs, hours as pandemic hits stores

The Wall Street Journal reported this week that the Minnesota retailer is making cuts.

Best Buy

Best Buy to furlough 51,000 hourly workers as sales plummet

The Richfield retailer has shifted all its stores to curbside pick up only.

Best Buy confounds expectations with huge rise in sales

But it's not all good news for the Richfield retail giant.

Target Store

Target to slash prices, cancel orders as it shifts unwanted inventory

Retailers have been taken by surprise by the sudden shift away from pandemic spending.

best buy

Best Buy confirms it has recently laid off 5,000 workers

The retailer has seen business boom since the pandemic started, particularly online.

best buy

Best Buy launches another pre-Black Friday sale, the Early Deals Event

This latest round of discounts is available through Oct. 31.

best buy

Best Buy halts donations to politicians who voted against election certification

The Richfield retailer is the latest company to halt its political donations.