After warning it was seeing weaker sales than expected, Best Buy is cutting jobs in the country.
The number of people affected by the layoffs is not known.
We constantly evaluate and evolve our teams to make sure we serve our customers. With an ever changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams.
It was reported by the Wall Street Journal. Hundreds of store jobs have been eliminated over the last week, according to people familiar with the matter.
At the end of January, Best Buy had over 100,000 employees in the US and Canada. Even though the US jobs market is strong, the company's workforce is decreasing. The Bureau of Labor Statistics reported that the unemployment rate fell to 3.5% in July from 4% in June.
Some retailers that saw significant sales growth during the Pandemic are now feeling the effects of changing consumer behavior.
After seeing a boom in demand for home theaters, office equipment and kitchen appliances, Best Buy expected slower sales. In late July, it cut its sales forecast for the second quarter and full year because of inflation.
Walmart andshopify have laid off workers. People familiar with the matter say Walmart cut 200 employees. Roughly 1,000 workers were laid off by the company.
Best Buy's second-quarter earnings will be reported on August 30.
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