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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