Best Buy lays off 2,400 employees

July 6, 2012 at 4:19 PM
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RICHFIELD, Minn., July 6 (UPI) -- Electronics chain Best Buy, based in Richfield, Minn., announced Friday it was laying off 2,400 employees companywide as part of its restructuring plan.

Layoffs affect 1,800 store employees and 600 members of its Geek Squad customer service division, the St. Paul Pioneer Press reported.

"These changes were previously announced as part of the leadership team's ongoing turnaround plan," said Bruce Hight, a spokesman for Best Buy's board. "We are working to minimize the impact of the changes to store employees, while building a foundation for a strong future."

Best Buy has about 1,050 stores and about 180,000 employees.

The company announced earlier it was closing 50 stores. Those layoffs were not included in the 2,400 total announced Friday.

Employees were notified of the layoffs this week, the Pioneer Press said.

Since March, the company has been in upheaval. Former Chief Executive Officer Brian Dunn resigned after an inappropriate relationship with a 29-year-old Best Buy employee. Board Chairman Richard Schulze resigned from the company he founded 46 years earlier after he failed to report Dunn's conduct. Other executives also have resigned and Schulze has hinted he may take the company private.

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