Best Buy Will Cut 400 Jobs at HQ

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According to a company public relations representative via a release to press, it was announced on Tuesday that Best Buy will be soon cutting 400 jobs at their Richfield, Minnesota headquarters.

“Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A costs, including an approximate 400 person reduction in employee headcount at its headquarters,” included the statement.

No retail store employees will be affected in this phase, however these cost-cutting measures can simply trickle downstream, unfortunately soon. The “Renew Blue” campaign is spearheaded by President and CEO, Hubert Joly and will include further measure necessary to keep the business afloat.

On Thursday, the company’s founder and former chairman Richard Schulze must announce whether he indents to make a buyout offer for Best Buy or to make the company private.

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