Best Buy Laid Off 5,000 Workers This Month


"Best Buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online."



"The news comes at a time when big chains face growing competition from Amazon and other sites that sell items like TVs and laptops. Fry's Electronics said Wednesday that it would abruptly close all of its stores overnight, ending nearly four-decades in business."


Online companies taking off during the pandemic Best Buy sales up 40% during this time.


CEO Corie Barry told analysts Thursday that starting earlier this month, Best Buy had been adjusting the mix of full-time and part-time employees in stores, due to "having too many full-time and not enough part-time employees." As a result of this reorganization, Best Buy laid off 5,000 employees, the majority of whom worked full-time. It also said it is adding approximately 2,000 new part-time positions.


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