RICHFIELD, Minn. -
Best Buy, headquartered in Richfield, said Friday they will be cutting 2,400 jobs.
The cuts include 1,800 store employees and 600 from the well known Geek Squad tech support team.
Earlier this year the company announced it would be closing 50 stores and would lay off 400 corporate employees.
Analysts say Best Buy has been hurt dramatically by cheaper electronics dealers like Walmart and Target, but the bigger problem has been the Internet.
Customers have shifted from buying at stores to buying online to save money, turning Best Buy into something different than it would like.
Best Buy released a statement today, saying: "These changes were previously announced as part of the leadership team's ongoing turnaround plan. We are working to minimize the impact of the changes on employees while building the foundation for a strong future."
The company has also undergone some serious management problems this year, with former CEO Brian Dunn resigning after an inappropriate relationship with a younger employee, and the founder Richard Schultz stepping down as chairman.
Analysts say Best Buy will continue restructuring and downsizing to work toward becoming a smaller, specialty retailer – not like the big box store we know.
