Best Buy plans to cut 2,400 jobs in turnaround effort

Sunday, July 8, 2012

NEW YORK -- Electronics retailer Best Buy Co. is laying off 600 staffers in its Geek Squad technical support division and 1,800 other store workers as it seeks to restructure operations and improve results.

The cuts amount to about 1.4 percent of the company's total staff of 167,000.

Best Buy spokesman Bruce Hight said the layoffs are part of the company's "ongoing turnaround plan." In March, the company said it would implement a restructuring designed to trim $800 million in costs.

Since then, interim CEO Mike Mikan, who is in the running for permanent CEO, has vowed there will be "no sacred cows" as the company reviews its business.

Shares ended Friday down 15 cents at $21.59.

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