Best Buy to furlough 51,000 hourly workers amid coronavirus pandemic
Electronics retailer Best Buy has announced it will furlough 51,000 hourly workers beginning April 19 in response to the coronavirus pandemic’s effect on the economy.
This move includes nearly all part-time employees. The company will retain 82% of its full-time workforce. Furloughed workers will retain health benefits for a minimum of three months.
“The situation we are all facing as a result of the COVID-19 pandemic is truly unprecedented," CEO Corie Barry said.
Barry will forego 50% of her base salary, and other corporate workers will take pay cuts while participating in voluntary reduced work weeks.
U.S. retail sales plunged 8.7% in March, and Best Buy saw a 5% decline over a nine-week period on a year-over-year basis. The company said there was a surge in purchases of work-from-home technology and gaming products, but sales still declined 30% from March 21 - April 11.