Richfield, Minn.

LG Electronics Monday announced that it is now selling its first OLED TVs in the U.S. The company held a launch event at Best Buy's flagship Magnolia Design Center in Richfield, Minn., and is selling the products at that store now.

Best Buy has announced plans to cut 400 jobs at its corporate headquarters in Richfield, Minn. The move is part of a cost-cutting effort meant to save $150 million in costs.

Best Buy may have announced plans to cut back on new big box stores, but the retailer is moving forward with a new store a few miles from its Richfield, Minn. headquarters.

Best Buy Co. Inc. Tuesday morning said it would hire 29,000 seasonal employees for the holiday shopping season.

The Richfield, Minn.-based consumer electronics retailer made the announcement in a webcast previewing for the media what is traditionally the best selling time of the year.

"This is our most important holiday season ever," CEO Brian Dunn said from New York.

Best Buy announced last month that it would lay off headquarters employees, after not enough workers said yes to its offer of a buyout. The company said Jan. 27 that the layoffs would come Feb. 19, which is Thursday.

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