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TheStreet Open House

Best Buy to Cut 2,400 Jobs: Reports

Stocks in this article: BBY

RICHFIELD, Minn. ( TheStreet) -- Best Buy (BBY - Get Report) is laying off a total of 2,400 workers as part of its restructuring efforts, according to published media reports.

The Richfield, Minn.-based electronics retailer will cut 600 jobs in its Geek Squad technical support business and 1,800 other workers in its retail stores, the Associated Press reported, citing statements by company representatives.

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The layoffs are about 1.4% of Best Buy's total workforce of 167,000, the AP said.

The latest job cuts are separate from layoffs that are part of Best Buy's previously announced plans to close 50 stores this year, The Wall Street Journal noted.

Shares of Best Buy shed 15 cents Friday to close at $21.59.

This article was written by a staff member of TheStreet.

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