It looks like customer service alone cannot save Best Buy in the current economy, so they’ve offered 4,000 corporate employees a buyout.
https://gizmodo.com/best-buy-hunkers-down-focuses-on-customer-service-5084425
The voluntary plan includes 7.5 months of severance pay along with one year of health care, life insurance and outplacement services to those who leave the company now to January 5th. Employees whose age plus years with the company reach 60 will receive 12 months of severance.
Best Buy has not publicly announced their target number of buyouts or other cost cutting measures, but they have alluded to the idea that there is more to come. With Circuit City down, what’s left? Best Buy and Wal-Mart, which means we need to keep a close eye on both to see where we’ll be shopping in the future. [The Business Review]
