Richfield-based electronics retail giant Best Buy is adjusting its business plan in response to the economic downturn. The company will stop opening new stores, instead focusing on improvements to existing stores and ramping up Internet sales.
The move will cost 250 jobs in Richfield, but the company plans to hire 210 additional people.
Many of the eliminated jobs will be those who previously handled new store openings. The new jobs will be primarily in the online operations. Laid-off workers would be eligible to apply for the new positions.
Note: The contrast between Best Buy and now-bankrupt rival Circuit City couldn’t be starker. Circuit City axed its highest-paid workers without warning last year. The negative press and poor morale the move generated may have contributed to the chain’s precipitous decline.