Report: Best Buy to Layoff 2,000 Managers Nationwide

Updated: 02/27/2014 7:49 AM By: Cassie Hart

Best Buy is in the midst of a major cost-cutting operation, according to New York Post.

The nation’s biggest electronics chain started taking a hit during the holiday shopping season and saw sales fall 2.6 percent because of a price war with Amazon. The company started laying off thousands of midlevel managers nationwide, according to the New York Post.

No store closings are planned in this latest round of cuts, and the exact number of pink slips is not confirmed. But one insider tells the New York Post layoffs could affect upward of 2,000 managers and supervisors.

In February of 2013, Best Buy laid off 2,400 employees. Those cuts came just weeks after Best Buy's interim CEO Mike Mikan declared "we will do better" at the company's annual shareholders meeting.