(KNSI) – Best Buy joins a growing list of retailers that are cutting staff. The Wall Street Journal first reported the layoffs on Friday.
The company says consumers are buying fewer electronics and shifting to online purchases. In response, it will begin to fire employees at hundreds of stores across the country. Best Buy has already reduced its total number of workers by around 20,000 since the onset of the COVID-19 pandemic in 2020.
The Minnesota-based retailer is one of many stores that have issued profit warnings in recent months. Amazon has shuttered or halted the construction of distribution centers and laid off employees as a result of its own struggles. Walmart slashed hundreds from its corporate staff.
The company has refused to comment on what markets are most affected. On a day where the broader stock market was up sharply, Best Buy shares fell by 0.57% in response.
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