Best Buy Cuts 40 Jobs at HQ

Chicago Best Buy Co., Inc. said Thursday that 250 workers will be laid off at its corporate headquarters, though most might get new positions with the company.

The company hoped the displaced employees would fill 210 new jobs being posted by the retailer, for a net loss of 40 jobs.

In December, the chain said it was offering voluntary severance packages to virtually all 4,000 corporate employees to help it survive what it called the "most challenging consumer environment" in its history.

After 500 workers accepted the offer, Best Buy said it would have to resort to involuntary layoffs and informed workers of the cuts on Thursday.

So far, no positions in stores are affected.