Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Instagram Outage Disrupts Thousands of U.S. Users 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Best Buy is reducing its workforce, so some employees are going to be laid off. It was said that the number of the affected workers was not revealed, but those who will be cut from the jobs are mostly in-store staff.
The job cut announcement
The news about Best Buy’s layoffs was revealed on Wednesday, Feb. 10, after The Wall Street Journal reported that the retail company already notified its workers about the job cuts. It was also mentioned in the memo that work hours will also be lessened since people do their shopping online these days.
The employees received the severance notification overview this week, and a snap of this memo was posted on social media. Then again, the number of staff who are set to lose their jobs was not revealed, but it may be disclosed in the coming days.
“As part of Best Buy’s Enterprise Strategy, changes in our store operating and staffing model were implemented to support how we meet the customer where and when they need us, which is changing rapidly in today’s environment,” part of the memo read.
Best Buy reportedly refused to comment on the matter, saying that the company does not really comment on matters relating to its personnel. But a source said that someone from the firm said that the workforce must evolve so the company can meet the changing needs of the consumers.
Best Buy’s statements regarding the layoffs
At any rate, USA TODAY was able to talk to Best Buy’s spokesperson in another interview. While it reiterated that the company rarely comments on issues, Keegan Shoutz shared a bit of a statement.
"As we have said before, customer shopping behavior will be permanently changed in a way that is even more digital and puts customers entirely in control to shop how they want," he told the publication. "Our workforce will need to evolve to meet the evolving needs of customers while providing more flexible opportunities for our people."
Meanwhile, as Best Buy conducts possible mass layoffs as part of its “Enterprise Strategy,” it is not clear if this will also affect all the company’s stores or it is just restricted to some territories.
Finally, the severance memo has given workers until Feb. 26 to look for another job within the company, so some of them still have a chance to stay.
