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Layoffs to start at Best Buy HQ

by on28 January 2009

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Only 500 employees took the exit package


With all of the companies letting people go, Best Buy tried something a bit on the innovative side with an announcement that we told you about where the company was up front with employees and told them layoffs were coming. Employees were offered an option of a voluntary exit package, rather than leaving things to chance.

With only 500 employees said to have taken the company up on the offer of a voluntary exit package, word has reached us today that the involuntary layoffs will start with an upcoming announcement on February 19th. As of right now, the company has not yet announced the specific number of employees that will be affected and this will be part of the upcoming announcement.

Those who do get the axe will be getting less severance than those who elected to take the voluntary exit package that was first offered. According to sources, employees will receive 30 days notice prior to the actual layoff, which is better than most who find themselves in the same downsizing boat.

As with most companies, Best Buy sales have been down given the economic climate, and while the company has increased its efforts to deal with the situation, increased competition has also hurt the company.

Last modified on 29 January 2009
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