Retail giant Best Buy to lay off hundreds of employees

SAN FRANCISCO: US retail giant Best Buy is laying off hundreds of employees amid high inflation and global economic meltdown.

Although the exact number of employees being laid off is now known yet, according to Wall Street Journal, the company informed hundreds of employees at more than 900 US stores that their positions had been eliminated.

"Employees in 'consultant' roles told they can reapply for other internal jobs or receive severance," the report said late on Friday.

Many store workers that specialise in selling more complex products such as computers and smartphones are called "consultants" inside the company.

"We're evolving our stores and the experiences we offer to better reflect the changes in customer shopping behaviour, as well as how we organise our teams," Best Buy said in a statement.

The retail giant had more than 90,000 employees in the US and Canada, including 58 per cent full-time employees.

Last month, another retail behemoth Walmart said it is laying off hundreds of employees at its e-commerce facilities across the US as part of an adjustment in staffing "to better prepare for the future needs of customers".

"We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," a company spokesperson had said in a statement.

Walmart's rival Amazon has slashed 27,000 jobs in two rounds and another retail major Target plans to cut up to $3 billion in total costs over the next three years.