Best Buy is laying off more employees as it reckons with falling sales

Best Buy is laying off more employees and restructuring roles due to falling sales as post-pandemic electronics sales decline.

: Best Buy is laying off employees and restructuring roles amid falling sales. The changes mostly affect in-home sales roles and consultants. The company aims to adjust its business in response to post-pandemic consumer behavior.

Best Buy has commenced another round of layoffs and job restructurings, primarily affecting in-home sales roles called designers and reducing pay for consultants. The company confirmed these changes but did not provide details on the number of employees let go or specific pay adjustments. This move comes as a response to decreased sales after a spike in consumer electronics purchases during the pandemic.

The restructurings have led to designers being moved to in-store roles with significantly lower pay. Affected employees reported substantial changes in their compensation, indicating lower base salaries and altered commission rates. Best Buy also mentioned the introduction of a new role, the Premium Designer, to accommodate some of these changes.

In addition to layoffs, Best Buy is making broader cuts, such as exiting physical media sales and scaling back on its Samsung repair program. These measures align with CEO Corie Barry's earlier warnings to investors about necessary downsizing. The company is also exploring innovations like generative AI to streamline customer service operations.