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'Termination Tuesdays' becoming the norm at Best Buy corporate

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Waves of people being laid off each week at Best Buy's corporate headquarters in Richfield have most employees walking into the office thinking, "am I next?"

The Star Tribune reports over the past several months, the company has been letting go employees across all departments on Tuesdays--earning the nickname "Tornado Tuesdays" or "Termination Tuesdays."

The company's turnaround plan includes cutting $700 million in costs over the next few years.

The newspaper reports so far, the company has cut $295 million, part of which came from laying off 400 employees in February.

Other efforts to improve Best Buy's profit margins include moving retail stores to smaller spaces, launching partnerships with Samsung and Microsoft and investing in improvements to its online business, TIME reported.

TIME says investors are buying into the master plan created by CEO Hubert Joly, but winning the customers over will be the real test.

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