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Best Buy is cutting hundreds of jobs at stores across the country as it focuses on growing its e-commerce business

time:2023-04-18
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Best Buy, the largest US electronics retailer, is cutting hundreds of jobs across the country as more people shop online and sales of consumer electronics weaken, foreign media reported. A spokesman for the company has confirmed the job cuts but declined to give a specific number. 


But the decision affects hundreds of jobs at more than 900 U.S. stores operated by Best Buy, including mostly consultants who specialize in selling complex products such as computers and smartphones, people familiar with the matter said. Employees who are laid off can receive severance pay or reapply for other jobs within the company. 


In a statement, Best Buy said, "We are improving our stores and shopping experience to better reflect the changing shopping behavior of our customers, as well as ensuring that our teams are able to deliver the best expertise, products and services." 


Best Buy sees the job cuts as a shift in its priorities, with plans to add thousands of customer-facing online staff and invest in growth areas, such as its Totaltech membership scheme and wellness business, the report said. 


Best Buy had more than 90,000 employees in the United States and Canada at the end of January, down from nearly 125,000 at the start of 2020, financial filings show. 


Online sales have become a more meaningful part of Best Buy's business. About a third of Best Buy's U.S. sales came from its online business in the fiscal year that ended in late January, compared with just 19 percent in the fiscal year that ended in late January 2020, Chief Executive Corie Barry said on its fourth-quarter earnings call.