Best Buy to eliminate 400 good Twin Cities jobs

Best Buy promised more layoffs are coming yet this year. Oh goodie!
Best Buy promised more layoffs are coming yet this year. Oh goodie!

Over the weekend, the Twin Cities' macroeconomy made headlines thanks to new data showing it has bounced back from the recession stronger than any other Midwest metro.

SEE ALSO: Minnesota's economic recovery driven by McJobs, not middle-class jobs

"Measures of output for the Twin Cities benefit from the relatively high proportion of better paying jobs at big companies like 3M and Medtronic," the Star Tribune reported. "For instance, if companies in each of three cities were to all add one employee... the city where the highest-paid workers are hired will see more economic growth than the others."

In light of that report, we bring you the news that Best Buy is eliminating 400 jobs at its Richfield headquarters.

From a statement released today by Best Buy:

Best Buy today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in SG&A [administrative expenses], including an approximate 400-person reduction in employee head count in its headquarters."

The Pioneer Press reports that employees were being notified today of the layoffs, which don't involve "Blue Shirt" retail-store workers.

Best wishes to the 400 people who learned today that they'll soon be out of a job.

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