Marketing

New York – Best Buy is cutting 2,400 employees, including 1,800 store employees and 600 Geek Squad technical support associates, employees, as it seeks to restructure operations, the Associated Press reported.

The layoffs amount to about 1.4% of the company’s total staff of 167,000. A Best Buy spokesman, Bruce Hight, said the cuts were part of the company’s “ongoing turnaround plan,” according to the report.

The rhetoric over allowing foreign direct investment in India is reminiscent of the rhetoric that would have occurred in the United States 30 years ago had Walmart’s critics knew then what they profess to know now.

EMERYVILLE, Calif. — Educational toy manufacturer LeapFrog Enterprises announced that chief financial officer Mark Etnyre has resigned from the company in order to spend more time with his family and pursue personal interests. The resignation will be effective as of Oct. 1.

PAWTUCKET, R.I. — Hasbro has introduced a new line of its Kre-O brand construction toys inspired by the upcoming "Star Trek" sequel. The Kre-O Star Trek line, under license from CBS Consumer Products, features a variety of vehicles from the movie along with fun Kreon figures based on iconic Star Trek. The collection will make its debut at Comic-Con on July 11.

New York -- Ikea has been rebuffed by India on a request to relax rules on buying goods locally, Reuters reported, citing a government source. The rebuff is likely to delay Ikea’s entry into the Indian retail market.

In June, Ikea said it would invest approximately $1.86 billion and open 25 stores in India. But the chain was seeking a 10-year window to comply with India’s rule that foreign retailers source 30% from local small and medium-sized firms. The requirement is seen by overseas companies as a hindrance to investment.

Minneapolis -- Christopher & Banks Corp. has rejected Aria Partners’ unsolicited $64 million takeover offer, saying it was not in the best interest of stockholders. The private equity firm owns 4% of Christopher & Banks shares. The retailer also adopted a stockholder rights plan, or poison pill, with a trigger at 15%

Private equity firm Aria owns 4% of Christopher & Banks shares.

NEW YORK — Banana Republic is launching a special holiday collection styled by Jacqueline Durran, the Acadmemy Award-nominated costume designer for Anna Karenina.

Home Depot has announced the expansion of its major appliance brands by adding Whirlpool, Electrolux and Frigidaire in a limited number of stores and on Homedepot.com.

The appliances will be available through the company's Depot Direct delivery network and available to be ordered in all U.S. stores. Depot Direct includes more than 3,000 appliances delivered and installed to the customer's home within one to five days of purchase. Appliance purchases through Depot Direct include free delivery and haul-away.

CINCINNATI — As part of its "My Story. Our Flag." project, Tide unveiled a special flag — created in honor of Team USA — in New York's Bryant Park on Tuesday.

The 117-ft.-by-52-ft. flag, a larger-than-life artistic rendition of the American flag, features nearly 1,500 stories collected from Tide's Facebook and Twitter followers. Each piece of fabric making up the flag was washed in Tide prior to being sewn together, the brand said.

HAMILTON, Bermuda — Bacardi Limited has named Gianpaolo Perego as regional president of Latin America with responsibility for leading all operations in the region for the internationally known portfolio of premium spirits. Perego will manage the execution of the overall strategy for the Latin American region, as well as the general management of a diverse business comprising 19 countries. In this role, he will also be a member of the Bacardi Leadership Team. The appointment takes effect July 9.