Best Buy and Target planning more layoffs

You’d think that with Circuit City out of the way, competitors will have a better chance of riding out this crazy economy, but that’s not the case. Best Buy and Target are both letting go of hundreds of employees to cut costs. Details after the link.

You’d think that with Circuit City out of the way, competitors will have a better chance of riding out this crazy economy, but that’s not the case. Best Buy and Target are both letting go of hundreds of employees to cut costs.

Last December, Best Buy offered voluntary exit packages to its employees. Even though 500 took the offer, Best Buy is still looking to cut more jobs at their Minneapolis headquarters, though they will create new jobs as part of the process.

Target will be letting go of 600 jobs at their headquarters, and will be closing a distribution center that has 500 employees. Senior management was also bitten as their salary increases were suspended.

Chances of them going surprise belly up as Circuit City did are unlikely, though it won’t hurt if you buy something off their shelves and clink up their piggy bank.

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Via Reuters