LONDON (ShareCast) - (Sharecast News) - Electronics retailer Best Buy said on Wednesday it would furlough about 51,000 hourly US store employees but retain the vast majority of its full-time store and field workers.
According to Reuters, the retailer said that starting from the following week, some corporate employees would also participate in voluntary reduced work weeks and voluntary furloughs.

Top management at the company was also set to take a pay cut.

The company had nearly 125,000 full-time, part-time and seasonal employees in the US, Canada and M?xico at the end of fiscal 2020, reported Reuters.

Sales grew by about 25% over the eight-day period ended 20 March as people shopped for work-from-home equipment and gaming products. Sales later dropped 30% from March 21 through April 11, Best Buy said.

The company had withdrawn all financial forecasts for fiscal 2021.

"The situation remains very fluid and there is still a great deal of uncertainty, particularly as it relates to depth and duration of store closures and consumer confidence over time," Chief Executive Officer Corie Barry said.

Shares of the company were down about 4% in early trading on Wednesday.

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