Best Buy and Target planning more layoffs

Posted Jan 28, 2009 at 8:49AM EST by QJ Staff

Listed in: News Tags: Best Buy, Circuit City, Minneapolis

Best Buy, Target Plan Fresh Layoffs - Image 1

You'd think that with Circuit City out of the way, competitors will have a better chance of riding out this crazy economy, but that's not the case. Best Buy and Target are both letting go of hundreds of employees to cut costs.

Last December, Best Buy offered voluntary exit packages to its employees. Even though 500 took the offer, Best Buy is still looking to cut more jobs at their Minneapolis headquarters, though they will create new jobs as part of the process.

Target will be letting go of 600 jobs at their headquarters, and will be closing a distribution center that has 500 employees. Senior management was also bitten as their salary increases were suspended.

Chances of them going surprise belly up as Circuit City did are unlikely, though it won't hurt if you buy something off their shelves and clink up their piggy bank.

Via Reuters

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Competition isn't the problem here. In my area, I believe it to be location. We have two Best Buys here, one to the south of me, and one to the west of me. Each takes about the same amount of time to get to (roughly 20-30 minute drive), but they're out in the freakin middle of nowhere. They should build these stores in locations that get a lot of visitors, like near malls and such.

# hey — earwaxpeach 2009-01-28 13:17

im glad this story is here , i love storys about the economy

Anyways - i want to respond to M3rox - Were in for tough times people , what were starting to see now is the actual manifesto of the 'sub prime buisness crisis"

This means that the buildings were under lease for a fixed rate but now the company cannot afford to keep all there buildings just like people couldnt keep there houses and now we will see the USA collapse

Mind you this is just my "prediciton...."

I wish everyone luck and make sure you have a Mossie 500 or something to protect yourself from looters in the near future ;)

EarWaxey- Over and out - till next time

# Its sad — SBrown 2009-01-29 00:52

Well, I knew that this was comming for awhile now, but I was hoping that it wouldn't be this many people loosing their jobs. I fell bad enough loosing my job at Circuit City, and I'd hate for anyone else to have to go through that. But things are only gonna get harder for Best Buy over these next few months. Because, with all of the Circuit Citys liquidating, Best Buy will loose ALOT of business due to cheaper prices.

# I agree — Alienhideout 2009-01-29 04:30

Can't go wrong with the Mossberg 500

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