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You are here: Home / Best Buy Laid Off 5,000 Employees in Response to the Online Shopping Boom

Best Buy Laid Off 5,000 Employees in Response to the Online Shopping Boom

Fry's Electronics wasn't the only electronics retailer affected by COVID-19 . The Wall Street Journal reported Thursday that Best Buy laid off 5,000 employees of its 102,000 employees in response to the pandemic-hastened rise of online shopping. Best Buy CEO Corie Barry said in an earnings report that "online sales grew almost 90% to a record $6.7 billion and made up 43% of our total Domestic sales" in the 13-week fourth quarter of 2021 that ended on January 30. But that doesn't mean the company's brick-and-mortar stores were obsolete. Quite the opposite: Barry said, "almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee." So why did Best Buy lay off 5,000 of its employees and say that it plans to close some of its stores this year? According to CNN Business , it's because Barry thinks the company has "too many full-time and not enough part-time employees." That makes sense from an economic perspective. Many states offer protections to full-time workers that guarantee them some form of paid time off, healthcare, and other benefits. Part-time employees aren't eligible for those so-called perks. Best Buy also… Read full this story

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Best Buy Laid Off 5,000 Employees in Response to the Online Shopping Boom have 272 words, post on www.tomshardware.com at February 27, 2021. This is cached page on ReZone. If you want remove this page, please contact us.

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