Best Buy Announces Store Closures and Layoffs While Investing in AI Amid Slowing Sales
• Best Buy plans to close 10-15 stores and implement layoffs to allocate resources to areas like AI • Sales are slipping and Best Buy predicts another year of soft sales • Best Buy surpassed Wall Street expectations for Q4 revenue and earnings per share • Reasons for changes include finding balance between workforce and where customers shop • Best Buy is reallocating resources towards growth areas like artificial intelligence