Consumer electronics retailer Best Buy Co. announced plans today to offer its corporate employees buyout packages in hopes of trimming expenses. The firm blames drastic changes in consumer behavior for the cost-cutting measures, which also include reducing capital spending and opening fewer stores. Profits fell in the third quarter as sales continue to diminish ? a factor affecting the company's rivals too (Circuit City filed for bankruptcy in November). The buyout deal offers more than the firm's usual severance package; but without significant acceptance of the deal, layoffs may be necessary anyway.
See "Best Buy Offers Buyouts After Profit Sinks", The New York Times, December 15, 2008