Best Buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online.
The news comes at a time when big chains face growing competition from Amazon and other sites that sell items like TVs and laptops. Fry’s Electronics said Wednesday that it would abruptly close all of its stores overnight, ending nearly four-decades in business.
Best Buy (BBY) expects 40% of its sales to come from online purchases this year, up from 19% two years ago, and the company said it needed to alter its workforce in response to this shift.
Source: CNN
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