Join        Login             Stock Quote

Best Buy cuts 400 jobs at headquarters

Tuesday, February 26, 2013 5:25 PM

MINNEAPOLIS, Feb. 26 (UPI) -- U.S. retail giant Best Buy said Tuesday it had laid off 400 workers from its corporate headquarters in a cost-saving plan it calls "Renew Blue."

Best Buy said it "executed ... the first phase" of an initiative announced in November by President and Chief Executive Officer Hubert Joly.

The restructuring is called "Renew Blue," after the blue shirts worn by sales associates in the retailer's outlets. No sales associates were let go in this phase of the restructuring and no stores were closed, Best Buy said.

The move is expected to save $150 million in "SG&A costs," which stands for selling, general and administrative expenses. Most of that saving is from "non-salary expenses," the company said.

"This initial reduction," which is part of a $725 million cost reduction plan, "has been achieved by enhancing the focus of the company's core business, removing management layers and eliminating operational inefficiencies," Best Buy said in a statement.

(Source: UPI )
(Source: Quotemedia)


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.