February 26, 2013
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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