Skip to main content
Updated:
Original:

Best Buy cuts 400 jobs at HQ to trim administrative costs

Author:

Best Buy Co. is eliminating roughly 400 positions at its corporate headquarters in Richfield, Minn., the Pioneer Press reports. Affected employees were being notified Tuesday morning.

"Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400-person reduction in employee head count in its headquarters," the Minnesota-based electronics giant said in a statement on Tuesday.

Last November, CEO Hubert Joly vowed to cut $725 million in annual costs when he outlined his transformation efforts, dubbed “Renew Blue."

Best Buy said the cutbacks announced on Tuesday "represents the first phase of this initiative, with additional reductions to come during the year."

MPR notes the initial cost cutting measures do not affect retail store employees and/or include any additional store closings.

Best Buy is expected to provide greater detail on its cost reduction efforts when it releases its fourth-quarter earnings.

The Business Journal says the company has delayed the report until Friday to allow Best Buy founder Richard Schulze to include the results in a potential buyout offer.

He has until midnight on Thursday, Feb. 28, to submit a bid to take the struggling retailer private.

Click here, to follow Best Buy's stock performance.

Next Up

D'Angelo Russell

D'Lo's late takeover helps Timberwolves win double-OT thriller

Russell caught fire to help the Timberwolves get back to .500.

Gopher Football

Gophers suffocate Badgers, reclaim Paul Bunyan's Axe

Minnesota picked up its first home win over the Badgers since 2003.

Meeker County Sheriff's Office

Boy, 6, run over after falling off trailer in Meeker Co. tree farm accident

He was airlifted to Hennepin County Medical Center with internal injuries.

Target store

Target unveils deals for 2-day 'Cyber Monday' event

The promotion kicks off Sunday, November 28.

Screen Shot 2021-11-27 at 9.59.30 AM

Edina police warn of recent burglary trend targeting garages and vehicles

The Edina Police Department is increasing patrols in affected neighborhoods in response to the trend.

Screen Shot 2021-11-27 at 9.03.06 AM

Charges: Man shot Uber Eats driver making a delivery in Cottage Grove

Otis Donnell Shipp was charged with second-degree attempted murder after turning himself in on Wednesday.

Screen Shot 2021-11-27 at 7.36.14 AM

Waterfront hotel in Duluth sustains damage in kitchen fire

Authorities estimate the damage at around $75,000.

Screen Shot 2021-11-27 at 7.15.18 AM

Large groups of thieves target 2 Twin Cities Best Buys on Black Friday

It bears similarities to the flash-mob style thefts seen recently in California.

Karl-Anthony Towns

Timberwolves' winning streak snapped at five games

The Wolves' bid for their longest winning streak since 2014 came up short.

Screen Shot 2020-08-14 at 6.45.53 PM

Teen arrested over fatal shooting of 5-year-old boy in Brooklyn Park

Police say the teen was filming a social media video while handling a gun.

Joe Biden

President Biden coming to Minnesota to promote Bipartisan Infrastructure Law

Tuesday's trip follows passage of the $1.2 trillion Bipartisan Infrastructure Deal.

Related