Best Buy announced Friday that it will cut 2,400 jobs in order to cut costs and reduce the size of the company, said the Star Tribune.
The cuts will include 1,800 in-store positions and 600 Geek Squad tech support jobs, which make up roughly 1.4 percent of Best Buy's total workforce, said Minnesota Public Radio.
Although the Richfield-based company is the largest consumer electronics vendor in the country with annual sales of over $50 million, it has been facing increasing competition from companies like Amazon and Target, said the Star Tribune.
Best Buy spokesman Bruce Hight said the company is "working to minimize the impact of the changes on employees, while building a foundation for a strong future," said MPR.
Best Buy aims to shift its Geek Squad tech support services to assisting small businesses and hopes to focus on its Connected Stores, which focus on customer service, said the Star Tribune.