Best Buy to cut corporate positions - KTTC Rochester, Austin, Mason City News, Weather and Sports

Best Buy to cut corporate positions

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MINNEAPOLIS, Minn. (KTTC) - Best Buy stores announced today it's eliminating 400 positions at its corporate headquarters in Richfield, as it implements a company-wide restructuring plan.

In a statement on its website, the company says it will save approximately $150 million in spending with this first phase of restructuring. More reductions are set for later this year, as the company looks to trim $725 million dollars.

According to a statement, today's announcement does not include closing any Best Buy stores, and sales associates are its retail locations are not affected.

Best Buy employs 8,000 in Minnesota, but has not disclosed how many workers are at its headquarters.

Best Buy says it will report on its fourth-quarter earnings, and provide more details on its cost-reduction efforts later this week.

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