Best Buy layoffs, on the record
Every job cut, severance charge and restructuring Best Buy reported in its annual reports, 2024 to 2026, quoted from the filings. Headcount went from more than 85,000 to approximately 82,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | more than 85,000 | At the end of fiscal 2024 |
| 10-K for 2025 | approximately 85,000 | end of fiscal 2025 |
| 10-K for 2026 | approximately 82,000 | At the end of fiscal 2026 |
Job cuts, severance and restructuring
Our summaryCommenced an enterprise-wide restructuring initiative (Fiscal 2024 Restructuring Initiative) to align field labor, redirect corporate resources and right-size resources, with employee termination benefits recorded as restructuring charges.
Word for word“During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to accomplish the following: (1) align field labor resources with where customers want to shop to optimize the customer experience; (2) redirect corporate resources for better alignment with our strategy; and (3) right-size resources to better align with our revenue outlook for fiscal 2025.” 10-K for 2024
Our summaryExpects additional charges in fiscal 2025 for the Fiscal 2024 Restructuring Initiative, primarily in the Domestic segment.
Word for word“We currently expect to incur additional charges in fiscal 2025, primarily within our Domestic segment, of approximately $ 10 million to $ 30 million related to this plan.” 10-K for 2024
Our summaryEnterprise-wide initiative to better align spending with critical strategies and optimize the cost structure (Fiscal 2023 Resource Optimization Initiative), with employee termination benefits.
Word for word“During the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending with critical strategies and operations, as well as to optimize our cost structure.” 10-K for 2024
Our summaryExited operations in Mexico and took other actions to align the organizational structure, including termination benefits, asset impairments and inventory markdowns.
Word for word“In the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico and began taking other actions to more broadly align our organizational structure in support of our strategy.” 10-K for 2024
Our summaryMexico Exit and Strategic Realignment restructuring charge.
Word for word“Mexico Exit and Strategic Realignment - - 2 Total $ ( 3 ) $ 153 $ 147 Fiscal 2024 Restructuring Initiative During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to accomplish the following: (1) align field labor resources with where customers want to shop to optimize the customer experience; (2) redirect corporate resources for better alignment with our strategy; and (3) right-size resources to better align with our revenue outlook for fiscal 2025.” 10-K for 2025
Our summaryRecorded a non-cash goodwill impairment for the Best Buy Health reporting unit.
Word for word“In fiscal 2025, we recorded a goodwill impairment of $ 475 million within the Domestic segment for the Best Buy Health reporting unit.” 10-K for 2025
Our summaryBest Buy began a restructuring to align field resources with customer behavior, close select non-traditional stores and redirect corporate resources.
Word for word“In the second quarter of fiscal 2026, we commenced a restructuring initiative intended to align field resources with changing customer behaviors, close select non-traditional store locations and redirect corporate resources for better alignment with our strategy.” 10-K for 2026
Our summaryBest Buy began a restructuring to improve Best Buy Health, including exiting one component of it, and to reduce tariff exposure, especially in China.
Word for word“In the first quarter of fiscal 2026, we commenced a restructuring initiative primarily focused on optimizing our Best Buy Health business by taking actions to maximize value and improve profitability in light of its performance against our original forecasting.” 10-K for 2026
Our summaryBest Buy ran an enterprise-wide restructuring that began in fiscal 2024 to align field labor, redirect corporate resources and right-size resources, with employee termination benefits as the charges.
Word for word“During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to align field labor resources with where customers want to shop and to optimize the customer experience, redirect corporate resources for better alignment with our strategy, and right-size resources to better align with our revenue outlook for fiscal 2025.” 10-K for 2026
Our summaryBest Buy reported termination benefit accruals of $45 million from the fiscal 2026 labor and store optimization initiative, to be paid mainly in fiscal 2027.
Word for word“Our restructuring accrual liabilities primarily related to termination benefits of $ 45 million as of January 31, 2026, reflect expected future cash payments primarily during fiscal 2027.” 10-K for 2026
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-01-28 | $39 million |
| 2018-02-03 | $10 million |
| 2019-02-02 | $46 million |
| 2020-02-01 | $41 million |
| 2021-01-30 | $254 million |
| 2022-01-29 | −$34 million |
| 2023-01-28 | $147 million |
| 2024-02-03 | $153 million |
| 2025-02-01 | −$3 million |
| 2026-01-31 | $190 million |
Best Buy filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Best Buy’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024) and the financial data it files with the SEC, as of 2026-03-18. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.