Layoffs, Demotions, Salary Cuts at Best Buy

It may be the Best place to Buy, but it sure ain’t the best place to work right now.

Richfield, Minnesota-based consumer electronics chain Best Buy will cut an undisclosed number of jobs, and demote managers and senior-level sales personnel.

Some 8,000 workers may see pay reduction of up to 50%, and 1,000 managers will be cut but can apply for lower-paying sales positions.

Best Buy laid off 250 headquarters workers in February.