Wednesday, February 27, 2013

Best Buy Cutting 400 Jobs at Headquarters

Best Buy (NYSE: BBY  ) is to eliminate 400 jobs at its headquarters as part of the company's current "Renew Blue" restructuring initiative, an effort that aims to reduce costs by $725 million. This current phase of the initiative, launched in November, targets $150 million in cost savings. According to the company, most of these reductions derive from non-salary expenses.

In a statement, the company said of the current phase of the restructuring that "this initial�reduction has been achieved by enhancing the focus on the company's core business, removing�management layers, and eliminating operational inefficiencies."

Best Buy said it will provide more detail about its restructuring moves when it releases fiscal Q4 2013 results later this week.

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