Best Buy cuts almost 1000 jobs across canada

Best Buy cuts almost 1000 jobs in Canada

In a surprising jolt to the Canadian work force, Best Buy announced on Thursday that they would be cutting 950 jobs from their Canadian-located stores.

According to the company, holiday sales were lower than anticipated, causing the company stock to fall to the lowest point since April of last year.

Best Buy has pledged to reduce management in their Canadian stores, hoping to cut as much possible from costs. In addition, some sales departments will be combined in order to lessen the demand for workers. The strategy has been a part of Best Buy’s success in the past.

The electronics company, headquartered in Richfield, Minnesota, has 265 locations across Canada.

In 1989, Best Buy set a precedent in the electronics industry by doing away with commissioned sales people and creating an electronics superstore environment that was classified by bright, visually appealing displays and open spaces.

Best Buy has struggled as of late thanks to heavily discounted rivals which are stealing customers from the market. In addition, small supplies of high-end computer tablets have led to shorter sales in the electronics industry. These things, paired with the lower than usual market during the holiday season, caused the cuts, according to Best Buy.