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Best Buy Cutting 400 Jobs at Headquarters

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Best Buy (NYSE: BBY  ) is to eliminate 400 jobs at its headquarters as part of the company's current "Renew Blue" restructuring initiative, an effort that aims to reduce costs by $725 million. This current phase of the initiative, launched in November, targets $150 million in cost savings. According to the company, most of these reductions derive from non-salary expenses.

In a statement, the company said of the current phase of the restructuring that "this initial reduction has been achieved by enhancing the focus on the company's core business, removing management layers, and eliminating operational inefficiencies."

Best Buy said it will provide more detail about its restructuring moves when it releases fiscal Q4 2013 results later this week.

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  • Report this Comment On February 27, 2013, at 3:22 PM, Peconner wrote:

    There is a tremendous amount of press on the impact of 'showrooming' as it pertains to Best Buy's business model. Not sure how many know this, but they have been tracking traffic (how many people walk through the door) and conversion (how many transactions) for years. Would management be willing to share that information with the investment community? When I worked there, the conversion percentage was consistently in the 50% range. If showrooming is an issue, the percentage would clearly show a decline and it would be relatively easy to determine the overall impact to sales vs., say, a decline in the traffic overall.

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