Electronics retailer Best Buy Co. is laying off 600 staffers in
its Geek Squad technical support division and 1,800 other store
workers as it seeks to restructure operations and improve results,
the company said Friday.
The cuts amount to about 1.4 percent of the retailer's total
staff of 167,000.
The reduction in personnel will occur by Aug. 1, according to a
person familiar with the plans who did not want to be identified.
Best Buy operates three stores in metropolitan Tulsa.
The Richfield, Minn.-based retailer is trying to combat
"showrooming," where consumers test out products at its stores but
go home and buy them cheaper online or at discounters.
Interim CEO Mike Mikan has vowed the company is committed to
fundamentally changing operations to improve results. Best Buy
spokesman Bruce Hight says the layoffs are part of the company's
"ongoing turnaround plan."
In March, Best Buy reported a $1.7 billion fourth-quarter loss
and announced a restructuring aimed at improving results.
At the time, the company said it would close 50 of its U.S. big
box stores, cut 400 corporate jobs and trim $800 million in costs.
The company has about 1,400 U.S. locations.
Shares of Best Buy ended Friday trading down 15 cents at $21.59.
The stock has fallen 8 percent this year.
