Best Buy Co. Inc., said Tuesday it will resort to layoffs at corporate headquarters, even though 500 workers earlier this month agreed to leave voluntarily.
The Richfield-based retailer told corporate workers in an e-mail and in meetings Tuesday that an unknown number of employees will be laid off Feb. 19 as the company continues to cut costs amidst a massive slowdown in sales.
Even Target isn't immune from the economic woes gripping the nation. The Minneapolis-based retail giant laid off 600 employees Tuesday in the Twin Cities, adding to the list of tens of thousands of job losses at companies across the country.
Target said it also will not fill 400 open positions, making the cuts amount to about 9 percent of Target's 11,000 headquarters workers, the bulk of whom work at its Nicollet Avenue office in downtown Minneapolis. It adds up to the largest job-slashing in company history.
After weeks of cutting jobs to align its costs with lower demand, Hutchinson Technology reported a loss of $64 million, or $2.79 per share, for its fiscal first quarter Tuesday and announced 100 more layoffs from its plant in Eau Claire, Wis.
Hutchinson, which supplies disc drive assemblies and bio-measurement equipment, already had slashed 1,680 jobs since December, mostly in Minnesota and South Dakota.
The economic downturn is becoming more and more real every day. I've been feeling pretty smugly secure, thinking that a union job at the U of M is probably one of the safest places to be right now. But yesterday in our staff meeting it was made clear to us that the possibility of job cuts in our division is very real, or at the very least, cuts in hours and salaries. And now I'm feeling fearful too.
How are you doing with all this? How secure do you feel? What would you do if you were laid off? Are you making any preparations just in case?