Minn. Based Best Buy Cuts 400 Employees at Headquarters

Updated: 02/26/2013 6:22 PM KSTP.com By: Leslie Dyste

Minnesota based Best Buy is cutting about 400 employees from its Richfield headquarters.

The company made the announcement Tuesday as part of its Renew Blue transformation efforts.

Jeff Shelman with Best Buy tells KSTP the cuts are effective immediately. 

Best Buy is eliminating about $150 million in selling, general and administrative costs. This includes the employee cuts, as well as non-salary expenses.

Shelman says the cuts span positions company wide. The only positions not impacted are those at the stores.

Employees were notified by meetings with their managers.

At this point, details on severance pay have not been released.