Best Buy Co To Slash Store Jobs To Cut Costs: WSJ

Shivani Kumaresan

August 12, 2022

Best Buy Co Inc (NYSE:BBY) is slashing store jobs to lower costs as the spending habits of customers change, the Wall Street Journal reported.
Best Buy had around 105,000 workers in the U.S. and Canada as of January, a 125,000 drop from early 2020.
The company had cut its sales and profit estimates for Q2, signaling a shift in consumer spending due to high levels of inflation.
Many other corporations, including Walmart (NYSE:WMT) and Ford (NYSE:F) have decided to cut jobs, and technology giants like Microsoft and Facebook have stooped hiring for certain roles.
Price Action: BBY shares closed lower by 0.16% at $80.30 on Friday.

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