APRIL 6, 2024 — HUNDREDS OF LAYOFFS
Hundreds of GeekSquad personnel have been terminated with little fanfare as the company refocuses its attention elsewhere.
In an earnings call, Best Buy’s CEO Corie Barry noted, “In addition, in fiscal '25, we are taking actions to, one, ensure our resources are directed at the right strategic areas; and two, to rightsize our model based on current operations. These actions will allow us to do the following: balance field labor resources to make sure we are providing the optimal experience for customers where they want to shop; redirect corporate resources to make sure we have the necessary assets dedicated to areas like AI and other elements of our strategy; and rightsize parts of the business where we expect to see lower volume than we envisioned a few years ago, whether that is the result of lower industry sales or due to decisions we made like evolving our paid membership benefits. While we made these decisions during the fourth quarter, which resulted in a restructuring charge that Matt will discuss later, many of the actions will be implemented through the first half of fiscal '25, and we will provide more details as we move through the year.”
APRIL 14, 2023 — HUNDREDS OF LAYOFFS
Responding to increasing sales online, the company has announced that it will be laying off hundreds of store workers.
According to a company spokesperson, “We’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams to ensure we continue to provide our expertise, products, and services in the best way possible.”
AUGUST 13, 2022 — HUNDREDS OF IN-STORE EMPLOYEES LAID OFF
The company has announced a cost reduction initiative that will result in hundreds of in-store layoffs in response to changing customer spending habits.
According to a company spokesperson, “With an ever-changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams that include eliminating a small number of roles..”
FEBRUARY 26, 2021 — Original post…
Richfield, Minnesota-based Best Buy, a major retailer of consumer electronics and accessories, has announced that it is continuing with a restructuring that is continuing to close under-performing retail outlets and has executed a major reduction in force affecting 5,000 full-time employees across the chain's footprint. It is the company's intention to replace the 5,000 full-time employees with 2,000 part-time employees and convert a number of stores to online pick-up and processing centers.
Consumer shopping patterns are changing drastically and the company is benefiting from online sales as people face travel restrictions from the global Covid-19 pandemic. A number of customers physically examined merchandise and obtained expert advice from company employees, and then made their purchases online with discounts and free door-to-door shipping.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?