Best Buy Furloughing Around 51,000 U.S. Workers, CEO Taking 50% Salary Cut
Facing a significant strain on its business due to the SARS-CoV-2 coronavirus pandemic, Best Buy (NYSE: BBY) has announced steps to save costs in the near term.
The electronics retailer will furlough roughly 51,000 hourly employees; the vast majority of part-time workers will be part of this cull.
The affected employees will continue to retain their health benefits free of charge for at least three months, Best Buy said, and the company is partnering with its founder Dick Schulze to create a $10 million employee-assistance fund. Both full-time and part-time workers employed by Best Buy over one year can qualify for disbursements from the fund.
Source Fool.com