Best Buy Said to Cut 2,400 Jobs

[marmar]

(Bloomberg) Best Buy Co. (BBY) will cut 2,400 jobs, or about 1.4 percent of its workforce, starting immediately, according to a person familiar with the plans.

About 600 Geek Squad tech support jobs will be eliminated along with 1,800 store positions by Aug. 1, said the person, who declined to be identified because the plans are private. Those eliminated will qualify for job-placement assistance and severance packages, said the person.

The job cuts come as Best Buy struggles to compete with the likes of Amazon.com Inc., Apple Inc. (AAPL) and Wal-Mart Stores Inc. (WMT) In March, Best Buy reported a $1.7 billion fourth-quarter loss and said it would close 50 big-box stores.

Best Buy is trying to thwart the so-called showrooming phenomenon -- when customers try out gadgets in a store and then buy them online -- by adopting Apple-style minimalism rather than its traditional big-box approach. ...................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-07-06/best-buy-said-to-cut-2-400-jobs.html

[HopeHoops]

1. They should just spin off the Geek Squad idiot division and let them fail on their own.