Best Buy Laid Off 5,000 Workers and Will Close More Stores

Best Buy said they laid off 5,000 workers this month and are planning to close more stores this year as more consumers buy electronics online.

Best Buy expects 40% of its sales to come from online purchases this year, up from 19% two years ago, and they said it needed to alter its workforce in response to this shift.

Earlier this month, the retailer had been adjusting the mix of full-time and part-time employees in stores, due to "having too many full-time and not enough part-time employees." As a result of this reorganization, Best Buy laid off 5,000 employees, the majority of whom worked full-time.

They are also adding approximately 2,000 new part-time positions.

Best Buy also closed 2 stores in each of the past two years and expects to close a higher number this year.

They also plan to use more of its in-store space to fulfill home delivery orders.