Dive Summary:

• Best Buy has eliminated 400 employees at its Minnesota headquarters as part of an effort to cut $725 million in costs from the company's budget.
• The employee cuts alone will save the company $150 million; currently, no stores are expected to close but the company has announced that additional layoffs will happen soon.
• The moves are part of CEO Hubert Joly's "Renew Blue" project, a plan to transition the company in a more profitable direction.

From the article:

Joly joined the company in August 2012 to help lead the struggling retailer's turnaround. Best Buy's founder Richard Schulze has expressed an interest in purchasing the company, however, recent media reports indicate that he has dropped plans for a takeover after failing to acquire the needed financing for the deal. Schulze has until the end of this week to make a bid for the company. ...