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Best Buy cuts store jobs in attempt to boost profits

Yahoo Finance Live anchor Rachelle Akuffo reports Best Buy strategy to lay off store workers to offset losses into profit.

Video Transcript

RACHELLE AKUFFO: More layoffs as Best Buy is cutting into workers across the country. According to the "Wall Street Journal," the retail electronics giant is laying off hundreds of employees in an effort to lower cost and improve profits. The move is in response to slowing sales and changes in spending habits in response to the pandemic. Best Buy had about 105,000 retail workers at the beginning of the year, down from nearly 125,000 in early-2020.