Best Buy Co. announced to store employees this morning massive position and pay-cuts, affecting all stores and almost all employees.
Details on the specifics are scarce at this point, some stores being hit harder than others, seemingly determined by how much money the store earns.
Some employees were told by managers prior to the meeting that “great things are happening” to the company, only to later see supervisors visibly upset after meetings with management. Due to Best Buy’s non-disclosure agreement, all employees declined to be named for purposes of this article.
The most specific details are that there will be no “seniors” for any department (sub-supervisor) and only two to three supervisors per store. Some management cuts have occurred, though details are less clear. Best Buys with Magnolia Home Theatre and/or Best Buy for Business store have had their specific employees offered jobs in other departments or otherwise cut.
Manager and supervisor bonuses have also been cut, according some employees, who declined to be named.
According to the Best Buy in-store Wiki, the so-called “Concept 6″ (most Best Buys currently operate at a Concept 5 or 5.5) would emphasize “more customer facing time”, corporate verbage that would seemingly indicate more sales associates. Most employees said stores have had smaller and smaller labor budgets for the past two years.
Best Buy is one of the largest video-game sales outlets in the country and owns both Magnolia Audio-Video and Futureshop in Canada. Best Buy’s main competitor, Circuit City, declared bankruptcy in January and closed the last of its stores March 8, 2009.