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Best Buy Lays Off 400 at Richfield Headquarters

February 27, 2013

Best Buy Co. laid off 400 employees Tuesday at its corporate headquarters in Richfield, the first major salvo in CEO Hubert Joly's campaign to transform the lumbering $50 billion giant into a more nimble retailer equally at home in malls and cyberspace.

Joly made the downsizing move just days ahead of what could be a crucial point in the company's 47-year history. Founder Richard Schulze faces a Thursday deadline to make an offer to buy the company. Schulze's decision will have profound consequences on the future of Best Buy

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