Best Buy

NEW YORK — Best Buy plans to hire 500 new Geek Squad staffers. The move comes some two weeks after the retailer said it would lay off 600 existing workers in the tech support arm of its business as it looked to focus the group less on basic installation services and more on remote tech consulting. It also comes as Verizon announced it was partnering with Geek Squad to offer services to meet the information technology requirements of small and mid-size businesses across the country.

New York -- Best Buy plans to hire 500 new Geek Squad staffers. The move comes some two weeks after the retailer said it would lay off 600 existing workers in the tech support arm of its business as it looked to focus the group less on basic installation services and more on remote tech consulting. It also comes as Verizon announced it was partnering with Geek Squad to offer services to meet the information technology requirements of small and mid-size businesses across the country.

Best Buy intends to cut 2,400 jobs, including 600 Geek Squad technicians, which would make up 1.4% of its work force, Reuters reported Friday.

According to the report, these cuts are in addition to the job reductions related to the 50 store closings the company announced in March.

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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.

New York -- Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

The report said the company is eliminating positions that service appliances and televisions in customer's homes. Best Buy said it is not getting rid of home service, but is restructuring it and realigning its work force across all service channels.

If laid off workers are unable to find another position within Best Buy, their last day will be Aug. 1, the report said.

New York -- Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, Reuters reported, citing a person familiar to the situation.

Schulze owns more than 20% of the company’s shares. He abruptly resigned from the Best Buy board last June and said he was exploring options for his ownership stake. The company’s shares have risen lately on speculation that Schulze close to presenting a buyout offer.

Best Buy has been in the news a lot lately, with the scandal involving former CEO Brian Dunn and subsequent resignation of founder and chairman Richard Shulze on top of a fiscal year that saw the company’s GAAP loss widen to $3.36 cents per share and comparable-store sales slip 1.7%.

Understanding that an image overhaul was needed, Best Buy’s leadership went on the offensive at its annual shareholders’ meeting Thursday, ensuring attendees that the company would once again become the leader in consumer electronics and services.

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.