Best Buy Cutting Seasonal Employees by Nearly 50%

As the holiday season nears, Best Buy (NYSE:BBY) announces that it will hire just 15K seasonal employees this year versus last year’s 29K.  Best Buy is not the only one to deliver bad news for the U.S. economy, as a quarter of companies surveyed by the Hay Group plan to hire fewer seasonal workers this year than last.

“Our plan isn’t built or predicated upon a meaningful move in the economic environment,” stated Brian Dunn, Chief Executive of Best Buy, in an interview with Reuters on Tuesday. “We are mindful that people are very interested in great value.” Dunn also said that he expects accessories under $100, smartphones, and tablets to be big sellers during the holidays.

This news is in contrast to Macy’s (NYSE:M) which just announced they will be increasing their seasonal hires 4% this year.

Best Buy’s (NYSE:BBY) stock is down 0.89% to $24.47 on the news. Shares are down 39.1% in the last 52 weeks. The stock has traded in a 52-week range between $22.74 and $45.63.

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