Best Buy to eliminate 400 positions at headquarters as part of cost cutting


NEW YORK — Electronics chain Best Buy Co. says it is cutting 400 jobs at its headquarters as part of a larger US$725 million cost-cutting plan.

The cuts are part of a move to save US$150 million in selling, general and administrative costs. Best Buy says they’re the first phase of the larger cost-cutting plan that new CEO Hubert Joly announced in November.