Best Buy is cutting 400 jobs at its headquarters in Richfield, MN., the company announced today.
When new CEO Hubert Joly took over late last year, he promised to cut $725 million in annual costs, and job cuts were part of that plan.
Best Buy said that this is the "first phase" of that initiative.
The "Blue Shirt" store employees aren't part of these cuts, so they're all safe for now.
The statement from Best Buy — from Tom Webb at the Pioneer Press:
Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A (administrative expenses), including an approximate 400-person reduction in employee head count in its headquarters.
Best Buy's Q4 earnings hit this Thursday, so we should learn more about the company's plans shortly.
Work for Best Buy? Email me at firstname.lastname@example.org.
More From Business Insider