Best Buy is planning to lay off around 2,000 managers due to poor holiday sales. No store closures are planned, but this is the biggest layoffs since July 2012. The exact number of cuts have not yet been determined.
Best Buy announced their 2014 Q4 results today and it showed that Best Buy made a profit even though there was slightly negative sales in the first half since sales fell to $14.47 billion from $14.92 billion. This is ahead of Wall Street expectations.
Sony announced this week that they are shutting down a majority of their U.S. based stores. This shows that Best Buy is not the only company that is dealing with retail issues.