Best Buy to cut 400 jobs and close 50 stores
By Kyle Stowe
To cope with declining store sales, Best Buy will cut 400 jobs and 50 stores nationwide in an attempt to boost profits. The cuts will save the company over $800 million over the next 3 years.
The cost savings will help Best Buy improve customer experiences and competitive prices, according to Best Buy CEO Brian Dunn. Dunn believes these improvements will help drive revenue in the long-term.
CEO Brian Dunn said that Best Buy needs to find ways to maintain its profit margins as they shift their focus to fighting online competitors like Amazon for market share.
In an attempt to increase profit, Best Buy also plans to increase the number of Best Buy Mobile stores in the U.S. from 600 to 800 by 2016. In addition, the company also continue to expand in China.