Best Buy Cuts Jobs Citing Surging Inflation
Inflation is forcing every next company to cut jobs and this time Best Buy announced job cuts citing surging inflation after seeing low profits and sales.
Without sharing how many jobs they are trimming, The Wall Street Journal reported that BestBuy is cutting hundreds of jobs from their store level employees.
This news comes after Walmart announced to cut jobs last month and then many other companies such as Shopify and more joined them announcing job cuts and citing surging inflation as a reason for job cuts.
Best Buy is cutting jobs because of their low profit and reduced annual sales that they forecasted last month.
Best Buy shared, customer behavior has changed after the clouds of pandemic hid and people are spending less than expected.
“We're always evaluating and evolving our teams to make sure we're serving our customers," Best Buy said.
This means, they want to enhance their services and that's why they are cutting jobs to focus on what matters the most.
'With an ever-changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams that include eliminating a small number of roles.”
The statements loudly claim that people are buying digitally more than physically as compared to the last few years when Best Buy did huge profits.
