Best Buy cuts 400 jobs at Richfield headquarters

Published On: Feb 26 2013 12:04:36 PM CST
Best Buy storefront
RICHFIELD, Minn. (AP) -

Best Buy is eliminating 400 jobs at its headquarters in Richfield.

The electronics retailer says it notified employees Tuesday of the job cuts as part of its plan to eliminate about $150 million in administrative expenses.

At an investors meeting last November, Best Buy CEO Hubert Joly promised to remove $725 million in annual costs in order to compete in today's market. The St. Paul Pioneer Press (http://bit.ly/XYtkFi ) reports the layoffs represent the first phase of its cost-saving initiatives, with additional reductions to come throughout the year.

Best Buy employs 8,000 in Minnesota, but has not disclosed how many workers are at its headquarters.