Best Buy To Furlough 51,000 Employees Due To COVID-19 Outbreak

The COVID-19 has caused yet more negative business response. The electronics retailer Best Buy has announced it will furlough 51,000 hourly workers beginning April 19.

According to a press release from Best Buy:

• Beginning April 19, the company is temporarily furloughing approximately 51,000 Domestic hourly store employees, including nearly all part-time employees. The company is retaining approximately 82% of its full-time store and field employees on its payroll, including the vast majority of In-Home Advisors and Geek Squad Agents. Furloughed employees will retain their health benefits at no cost to them for a minimum of three months.
• Beginning April 19, some corporate employees are participating involuntarily reduced workweeks and resulting pay, as well as voluntary furloughs.
• CEO Corie Barry will forego 50% of her base salary and the members of the Board of Directors will forego 50% of their cash retainer fees through at least September 1, 2020.
• Company executives reporting directly to the CEO will take a 20% reduction in base salary through at least September 1, 2020.