Following layoffs at Amazon and Walmart, we now learn that Best Buy will be laying off hundreds of employees. This move comes as Best Buy hopes to focus more on e-commerce and is cutting jobs in its physical stores, according to the Wall Street Journal.
Best Buy ended 2022 with more than 90,000 employees in North America. Cutting even a few hundred will be a very small percentage of its workforce. Currently, we do not know the full extent of the layoffs at Best Buy, but it has been reported to be several hundred.
“As we shared last month, we’re evolving our stores and the experiences we offer to better reflect the changes in customer shopping behavior, as well as how we organize our teams,” Best Buy said in a statement to Reuters.
Recently Best Buy warned of slower sales as the economy is slowing down. This came as Best Buy cut its forecasts for 2023. This comes as 2020 pushed millions of Americans to upgrade their TVs, computers, and other electronics as they suddenly found themselves stuck at home. Now this jump in sales is cooling off as Americans face the reality of inflation and uncertainty.
A growing number of tech companies and traditional stores have been cutting jobs recently. Amazon, Walmart, Shopify, Peloton, and more have all cut jobs in 2023.