Best Buy to furlough 51,000 hourly U.S. store employees

[Maddox]

(Reuters) - Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic.

The company said that starting next week, some corporate employees would also participate in voluntary reduced work weeks and furloughs, while its top management and board would take a pay cut.

Best Buy, however, would retain about 82% of its full-time store and field employees.

Best Buy added that domestic online sales surged over 250% from a year earlier, with half the sales coming from customers who picked-up their products from stores.

“The situation remains very fluid and there is still a great deal of uncertainty, particularly as it relates to depth and duration of store closures and consumer confidence over time,” Chief Executive Officer Corie Barry said.

Best Buy to furlough 51,000 hourly U.S. store employees

Best Buy Co Inc said on Wednesday it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5% in the first two months of the current quarter, as the electronics retailer kept its stores shut due to the coronavirus pandemic.

www.reuters.com