G. Mike Mikan

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

Best Buy has released a video with its interim CEO, G. Mike Mikan, laying out his vision for the company following the departure of former CEO Brian Dunn.

In a letter to employees Wednesday, Best Buy's interim CEO promised to create a "blueprint" for the company's future growth, while also stating that "priorities" established shortly before the departure of Brian Dunn will continue.

Best Buy announced Tuesday that CEO Brian Dunn has resigned. G. Mike Mikan has been named interim CEO, while a search for a permanent chief executive is conducted.

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