Best Buy to furlough 51,000 employees, executives take pay cut

Best Buy will furlough 51,000 of its store employees, the retailer announced Wednesday. PHOTOS: Other companies that have laid off or furloughed workers due to the coronavirus pandemic... Best Buy will furlough 51,000 of its store employees, the retailer announced Wednesday. PHOTOS: Other companies that have laid off or furloughed workers due to the coronavirus pandemic... Photo: Mike Mozart // Flickr Photo: Mike Mozart // Flickr Image 1 of / 42 Caption Close Best Buy to furlough 51,000 employees, executives take pay cut 1 / 42 Back to Gallery

Best Buy will furlough approximately 51,000 store employees beginning April 19, the retailer announced on Wednesday.

The temporary furlough includes almost all of Best Buy's part-time employees. The company will retain about 82 percent of its full-time store and field employees, according to a press release.

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Furloughed employees will continue to receive health benefits at no cost for at least three months.

In addition, some corporate employees will participate in voluntary reduced workweeks and voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and members of the Board of Directors will forego 50 percent of their cash retainer fees through at least Sept. 1.

Company executives reporting directly to the CEO will take a 20% reduction in base salary through at least Sept. 1.

"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," Barry said in the release.

"We are taking the steps necessary to resume providing our customers in-home services in the near future, keeping in mind our overriding priority on the safety of our employees and customers. We are also preparing to re-open stores to customers as soon as it is safe to do so, with timing likely to vary at state and local levels."