Best Buy Cuts 400 Jobs; More To Come

Following up the closure of 50 stores last year, Best Buy has begun laying off hundreds of employees this week. Thanks to [H] reader Steve Peterson for the heads up.

The austere future dawned Tuesday, Feb. 26, with nearly 10 percent of the jobs vanishing from Best Buy's gleaming corporate campus -- accompanied by warnings of more cuts to come. "This $150 million reduction, executed today, represents the first phase of this (Renew Blue) initiative, with additional reductions to come during the year," Best Buy said in a statement Tuesday.

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