- Last Updated: 12:56 AM, July 7, 2012
- Posted: 12:07 AM, July 7, 2012
Struggling electronics retailer Best Buy plans to cut about 2,400 jobs — 1.4 percent of its work force — including 600 Geek Squad technicians, a spokesman for the company confirmed yesterday.
The latest cuts come on top of jobs associated with 50 store closings announced in March.
The Geek Squad cuts comprise about 3 percent of that unit, whose technicians install and service electronics in customers’ homes. The other 1,800 cuts are store positions.
The world’s largest electronics chain has seen sales fall seven of the last eight quarters at stores open at least a year — a key measure for retailers.
Best Buy has lost business due to the tendency of consumers to use its stores as a “showroom” to try out electronic products which they then purchase for less money elsewhere, often from online retailers such as Amazon.com.
Interim Chief Executive Mike Mikan told shareholders in June he was working on a way to make the company “more relevant, more intelligent, more nimble” and said he would reveal the plan later this summer.
Best Buy shares fell 15 cents to close at $21.59.