Posted at: 02/26/2013 11:11 AM
Updated at: 02/26/2013 11:13 AM
Electronics retailer Best Buy has cut about 400 jobs at its corporate headquarters in Richfield, Minn.
The company said the job cuts are part of its "Renew Blue" transformation efforts. The company is trying to focus on its core business, remove management layers, and eliminate operational inefficiencies.
The cuts announced Tuesday reduce costs by about $150 million and are the first step towards a goal of cutting costs by $725 million, which was announced last November. The reductions announced Tuesday do not include any store closings and do not affect sales associates.
The company said it would provide greater detail on cost reduction efforts when it releases a quarterly earnings statement later this week.