Best Buy isn’t immune to the economic crisis and had a very rough last quarter. The country’s largest electronic retailer watched same-store sales fall 5.3% over last years and net earnings take a 77% face plant. Best Buy did see a net sales increase but that was due to new store openings. Blue-collar terms? They aren’t doing so well, haus.
The company is offering 4,000 headquarter employees buy-out packages and face a rough future. While it is unlikely Best Buy will end up in the poor house with Circuit City, the retailer has some cost cutting to do.