Electronics retailer Best Buy Co. Inc. (BBY) plans to axe undisclosed number of personnel in its corporate headquarters at Richfield, Minnesota as not many employees opted to take a voluntary buyout, reports said.
Last month, Best Buy offered voluntary severance packages to virtually all 4,000 corporate employees, which was accepted by about 500 employees.
Employees of the company received e-mails about the layoffs on Tuesday. The company is reported to have said that workers would be notified about the jobs cut on February 19.
Best Buy reportedly noted that no in-store positions were affected and they would be excluded from the forthcoming cuts too.
According to the report, non-managerial employees who are retrenched would on average receive six months pay plus health and dental benefits and life insurance for 12 months.
Earlier, on December 16, the company reported third-quarter net earnings of $52 million or $0.13 per share, sharply lower than $228 million or $0.53 per share in the prior-year quarter, hurt by an investment impairment charge, despite a 16% revenue growth.
At that time, the company also announced a voluntary separation package in order to reduce its corporate expenses, and said it may be forced to lay-off employees based on the outcome of the package.
BBY closed Tuesday's trading session at $28.26, up 0.14%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.