US: Job losses and wage cuts at Best Buy

Best Buy has reportedly told staff of a slew of job losses and wage-cutting measures in North America as the leading electricals retailer aims to restructure in an effort to cope with the nation’s tightening of economic belts.

StarTribune reports that 1,000 assistant store managers are to see their jobs cut, whilst an additional 8,000 senior sales associates will be demoted to regular sales positions – a move that will see their wages cut by between 25-50 per cent.

Best Buy has not confirmed or denied the claims.

The losses will be balanced on this side of the Atlantic by the creation of up to 1,000 positions as Best Buy plots an invasion of UK retail – though plans have been delayed until 2010.