Best Buy Eliminates 120 HQ Positions Mar 26, 2003

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Consumer electronics retailer Best Buy Co. Inc. laid off 60 people recently as it reorganizes its business around product categories rather than traditional corporate departments, according to a report in the the
Mineapolis Star-Tribune.

The retailer eliminated a total of 120 positions, but 60 of them were
vacant. Best Buy has had a hiring freeze for months as it tries to contain costs with consumer spending waning amid the weak U.S. economy and threat of war with Iraq.

The report said the reorganization affects such areas as buying, inventory, consumer and brand marketing, visual merchandising, sales development, retail operations and BestBuy.com.

The reorganization comes as the company moves about 5,500 corporate
employees to its new headquarters in Richfield, MN, U.S.

Best Buy, which historically has shied away from layoffs, cut about 50
corporate jobs last fall. The Star-Tribune
said there may be further rounds of job cuts.

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