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Best Buy Woes Continue, 2,400 Layoffs Looming

by Todd Haselton | July 6, 2012July 6, 2012 2:30 pm PST

Best Buy Store Closing

Best Buy is set to layoff additional employees, further signifying the company’s struggle to right the ship following a weak earnings report.

The company said in March that it has plans to close 50 stores and originally said it would layoff 400 employees. However, CNBC reported on Friday that the company now plans to cut 600 Geek Squad positions and 2,400 total employees. The Geek Squad cuts are particularly noteworthy, since the firm recently opened a new “Best Buy 2.0” store that focuses on support and puts a Geek Squad counter front-and-center in its stores — much like Apple does with its Genius Bar. This isn’t the first turmoil the firm has experienced this year. The company’s CEO stepped down in April, following a scandal with a female Best Buy employee, and the company’s founder stepped down in May.

[via Barron’s]

Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...