Best Buy cut 400 jobs, mostly in Minnesota, on Tuesday in its first phase of a $725 million cost-cutting program announced last fall, MPR News reported.
The layoffs primarily hit jobs at the Richfield corporate headquarters, avoiding sales staff or store closings, The Pioneer Press reported.
While layoffs usually raise a company's stock price, Best Buy's share fell almost 5 percent after the announcement, MPR News reported.
Best Buy said this was just the first step in their initiative to cut costs throughout 2013, Minn Post reported.
Best Buy said it will announce more details about its cost-cutting plan when it announces its third-quarter financial results on Thursday, Minn Post reported.