Best Buy announces furloughs for 51,000 workers, CEO to forgo 50% of salary
This Monday, May 22, 2017, file photo shows a Best Buy sign at a store in Hialeah, Fla. Best Buy said it will no longer sell software made by the Russian company Kaspersky Labs.[AP/Alan Diaz, File]
Wednesday, Best Buy announced a number of measures it has taken in the face of the COVID-19 pandemic, including temporarily furloughing workers.
According to a news release from the company, the company is set to furlough nearly 51,000 hourly store employees. Those employees will be able to retain their health benefits for a minimum of three months.
The company said most of the furloughed retail workers are part-time employees and that it would retain roughly 82% of its full-time store and field employees.
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A number of corporate employees will also participate in voluntary reduced work weeks, as well a voluntary furloughs.
Those measures are set to begin Sunday.
It was also announced that CEO Corie Barry will forego 50% of her base salary. The company’s board of directors will also forego 50 percent of their cash retainer fees through Sept. 1.