Best Buy Offers 4,000 Employees Buyouts

It looks like customer service alone cannot save Best Buy in the current economy, so they’ve offered 4,000 corporate employees a buyout.

The voluntary plan includes 7.5 months of severance pay along with one year of health care, life insurance and outplacement services to those who leave the company now to January 5th. Employees whose age plus years with the company reach 60 will receive 12 months of severance.

Best Buy has not publicly announced their target number of buyouts or other cost cutting measures, but they have alluded to the idea that there is more to come. Time will tell just how many adjustments the company must make to not go the direction of Circuit City. [The Business Review]