Best Buy (NYSE:BBY) layoffs are in the news Wednesday as the electronics and appliances retailer deals with slowing sales.
It’s unknown how many Best Buy employees will be affected by the layoffs. What is known is that the job cuts appear to be limited to its designers. These are employees who help customers pick out products for their homes by visiting them.
On top of these layoffs, some Best Buy employees are also reporting that pay is being cut. This comes as some of them switch to in-store sales roles and adopt new pay. The company called this a shift from consultants and designers to a new “Premium Designer role.”
One former designer spoke to The Verge about the pay changes. They said that previously the designer role included a salary of $60,000 per year plus commission. The new role only pays workers minimum wage plus “altered commission rates.”
Best Buy Layoffs Add to Trend
These latest Best Buy layoffs build on a trend of job cuts amid a tough economy. This comes alongside increased inflation and heightened interest rates. This has resulted in several companies cutting jobs over the last couple of years.
BBY stock is up 1.5% as of Wednesday morning.
Investors looking for news about more recent layoffs have come to the right place!
InvestorPlace is home to all of the hottest layoffs news worth reading about on Wednesday! Among those are jobs cuts taking place at Ford (NYSE:F) and FedEx (NYSE:FDX) as well as other stock market happenings. You can catch up on all of that below!
More Stock Market News for Wednesday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
