Best Buy to cut 2,400 jobs, including 600 at Geek Squad

[Eugene]

Source: Reuters

Best Buy to cut 2,400 jobs, including 600 at Geek Squad

By Brad Dorfman
Fri Jul 6, 2012 5:24pm EDT

(Reuters) - Struggling electronics retailer Best Buy Co Inc plans to cut about 2,400 jobs -- 1.4 percent of its workforce -- including 600 Geek Squad technicians, a spokesman for the company confirmed on Friday.

The latest cuts come on top of jobs associated with 50 store closings announced in March, spokesman Bruce Hight, said.

The Geek Squad cuts comprise about 3 percent of that unit, whose technicians install and service electronics in customers' homes. The other 1,800 cuts are store positions.

The world's largest electronics chain has seen sales fall seven of the last eight quarters at stores open at least a year -- a key measure for retailers.

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Read more: http://www.reuters.com/article/2012/07/06/us-bestbuy-jobs-idUSBRE8650ZD20120706

[Earth_First]

1. ...and I bet you the stores on the chopping block are still selling their protection plans...

Sure, it will still be vaild, however how convenient is it if the next closest remaining store open is 70,100,200+ miles away...?!

[SoutherDem]

2. Wait for it, wait for it...

I am sure Romney will blame Obama, of course Obama was the one who gave Eve that damn apple.

[tularetom]

3. Best Buy turned into Circuit City

Complete with misleading advertising, surly sales clerks and piss poor service and return policies.

[femmocrat]

4. Agree. I stopped going in there.

For the reasons you just listed.

[Mosby]

7. I haven't noticed any changes

They are having a hard time competing with online retailers who don't pay astronomical amounts of rent. One of the ideas the new ceo has is to move to a smaller footprint and bring in other vendors into the stores who will share in costs like rent and utilities.

[upi402]

14. agree

they both had/have staff that act like you kicked their kid when you refuse the bogus extended warranty scams.

i refused one at circuit city 2 months before they tanked.

too bad for the workers, all in all, i'm not happy about that.

[kwassa]

5. Online retailing has changed the game.

Big box stores, the last retail invention, is unsustainable.

[Initech]

6. Best Buy makes billions - yet they're cutting jobs and closing stores.

[Mosby]

9. their fiscal year ended in march

Gross sales were 50.7 billion, net profit was -1.23 billion.

[Logical]

11. Profit is what matters.

[kiva]

8. I'm sorry to hear this.

I had three or four students that worked on the Geek Squad to help pay their way through school.

[benld74]

10. Chapter 13 by 2014 easy, NOW they are attempting to correct,,

their business model. But it is too late,,,

[Logical]

12. I thought we hate big evil corporations. So we like best buy jobs or not? I lose track!

[girl gone mad]

16. The big corporation is evil.

Its retail employees and Geek Squad workers are just trying to make ends meet. This move is yet another example of why big corporations are dangerous to our economy and our society. They make short term decisions which hurt communities and workers, while funneling money to a select few.

Your screen name is "Logical" so you might want to try using logic next time.

[Logical]

17. So you think big corporations do not hire people? LOL, and you question my logic? It is funny.....

people here whine about big corporations. Love them when they hire people but hate them when they layoff (after losing money).

There is a GLOBAL recession. Do you also hate British and French companies who lay people off?

Think more, react less.

[girl gone mad]

21. This corporation is firing people.

Again, your comment is illogical. France and Britain have nothing to do with Best Buy firing American workers.

[Logical]

23. LOL, so, they lose a billion dollars and you expect them not to lay people off? Please name....

a corporation you think is a good one. I can't wait for your business insight.

[high density]

13. After Circuit City died, Best Buy pretty much has a monopoly in most markets

and they still can't make it work. I know I've gone into my local Best Buy store, knowing exactly what I want and expecting to spend $500+. Only I'd get frustrated and leave after ten minutes because nobody, including the "yellow shirts," wanted to help me... They were either too busy doing nothing or too busy spending all their time holding the hands of pathetic tire kickers who were even more clueless than the sales staff.

[Logical]

18. Clueless sales staff? LOL, probably members of the 99% you know?

[GusFring]

15. You have to be crazy not to get warranties on tvs and cpus

Parts for those things are expensive as hell. They replaced 2 of my tvs with brand new ones because I had a warranty

[Logical]

19. I have never bought a warranty on anything. Why would they lose money selling Warranty's? The y....

a TON of money off them.

Very few consumer advocates think they are a good deal.

[SoDesuKa]

20. Geek Squad

I've been uncomfortable with the term geek ever since I first heard it used to describe somebody who knows a lot about computers. Best Buy played up this pejorative angle by having the technicians drive around in funny-looking cars. I'm actually glad to see Geek Squad fail; it's karmic. Computer technicians should be called computer technicians.

[onethatcares]

22. Ex CEO of Duke Energy retires, gets 44 million dollar severance

he probably worked alot harder than these folks ever did and he needs the money more.(he also has to keep his
mouth shut about the company that is paying for it)

I realize this is off topic, but it shows the sickness in our society.