Pep Boys to Cut 50 Employees, Costs
Philadelphia Pep Boys — Manny, Moe & Jack on Friday said it will cut 50 employees, freeze merit pay increases and implement other spending cuts as it seeks to return to profitability.
The company also said matching contributions to employees’ 401(k) accounts and other retirement contributions are conditioned on the company meeting profitability targets.
Pep Boys said the job cuts represent 11% of its store-support work force. No store closures are planned, the company said.
The company said it recorded a pre-tax charge of $600,000 in the fourth quarter of 2008 for costs associated with the job cuts.
Last month, the company posted a third-quarter loss of $7.3 million.
Report: Best Buy considers buying up bankrupt locations
DAVOS, Switzerland Best Buy is considering buying some store locations vacated due to bankruptcy, according to reports.
Speaking at the World Economic Forum in Davos, Switzerland, Best Buy CEO Brad Anderson told Reuters that it is looking into some of those stores, but is focused more on its balance sheet.
Hip hop personality to star in Best Buy teen outreach campaign
MINNEAPOLIS Hip hop personality Ludacris (Christopher Bridges) will star in a new Best Buy Teen Service Announcement (TSA). Part of Best Buy’s @15 program, the TSAs are geared toward young people and feature unscripted videos of teens sharing their thoughts and experiences.
Over the next several months, the @15 Web site, along with its social networking pages and YouTube channel, will feature messages from teens engaged in Best Buy programs, celebrities and musicians, and Members of Congress.
“We all make mistakes, but you have to learn from your mistakes. Try not to make the same mistakes twice in life. We all have teenage years where we kind of were rebellious and just doing things that we’re finding out about life,” said Ludacris in his online TSA. “We’ve all been through some bad situations and you learn from them and you become a better person because of it. Adversity can make you a stronger person.”