Report: Best Buy to Layoff at Headquarters
New York City A spokeswoman for Best Buy Co. Inc. said the chain will lay off workers in its corporate headquarters because not enough employees opted to take a voluntary buyout, according to the Associated Press.
The company didn’t say how many corporate jobs will be affected by the layoffs but said workers would be notified Feb. 19.
Best Buy offered voluntary severance packages last month to virtually all 4,000 corporate employees to help it survive what it called the “most challenging consumer environment” in its history. Spokeswoman Sue Busch Nehring said about 500 employees accepted that offer, the report said.
No in-store positions were affected, and they’ll be excluded from the forthcoming cuts too, Busch Nehring said.
Tuesday Morning suffers 2Q loss
DALLAS Tuesday Morning reported that as previously announced, net sales for the second quarter of fiscal 2009 were $272.7 million compared to $308.7 million for the quarter ended Dec. 31, 2007, a decrease of 11.7%. Comparable-store sales decreased 14.9% for the quarter compared to the same quarter in the prior year.
According to the company, the decrease in comparable-store sales was comprised of a 9.6% decrease in traffic and a 5.3% decrease in average ticket.
Net income for the second quarter was $12.7 million or 31 cents per diluted share, compared to $20.5 million or 50 cents per diluted share during the same quarter last year.
Kathleen Mason, president and CEO, stated, “The December 2008 quarter was reported as the most difficult retail holiday season on record. While consumers remain cautious, we remain focused on preserving our strong balance sheet, managing inventory levels and generating positive cash flow.”
Obama figurine added to Chia product line
SAN FRANCISCO Joseph Enterprises, makers of the Chia Pet line of products, has introduced the Chia Obama, in honor of the 44th U.S. president.
The Special Edition CHIA OBAMA is a handmade decorative figurine in the likeness of President Barack Obama.