Electronics retailer Best Buy has joined the slew of retailers that are cutting jobs. The Wall Street Journalreports that 500 of Best Buy's headquarters employees accepted buyouts but the company will still need more cuts. It's not yet known how many jobs Best Buy will cut.
Best Buy didn't disclose the number of workers that will be cut at its Richfield headquarters. It had earlier offered buyouts to nearly all of its roughly 4,000 headquarters employees, and said earlier this month that about 500 accepted. But on Tuesday, the consumer electronics retailer notified workers that the 12.5% reduction was insufficient in light of the continuing bad economy. An unspecified number of workers will be dismissed Feb. 19, a spokeswoman said.
The National Retail Federation is forecasting that U.S. retail sales will fall 0.5% in 2009 compared to 2008. The forecast includes a 3.6% increase in the fourth quarter so the NRF is expecting an end year turn around. If layoffs continue at a feverish pace the NRF's forecast could end up being too optimistic.
Electronics retailer Best Buy has joined the slew of retailers that are cutting jobs. The Wall Street Journal 
