Best Buy to cut 400 jobs at headquarters as it embarks on $725M cost cutting plan

NEW YORK, N.Y. – Electronics chain Best Buy Co. says it is cutting 400 jobs at its headquarters as part of a larger $725 million cost-cutting plan.

The cuts are part of a move to save $150 million in selling, general and administrative costs. Best Buy says they’re the first phase of the larger cost-cutting plan that new CEO Hubert Joly announced in November.

Best Buy has been seeking to turn around results as it faces increased competition from online and discount retailers.

Minneapolis-based Best Buy did not say how many people in total it employs at its headquarters. It did say no sales staffers in stores are affected. It has 170,000 staffers worldwide.

Best Buy says it will offer more details on its cost-cutting plan when it reports fourth-quarter results on Friday.