Report: Best Buy Demoting 8,000 Senior Sales Associates

A report from New York investment firm Sanford Bernstein says that Best Buy will be eliminating 1,000 assistant manager positions and demoting 8,000 senior sales associates to regular sales positions that would pay 25 percent to 50 percent less than their current salary — causing some to compare them to Circuit City.

The Minneapolis Star-Tribune says that the report was based on conversations with the retailer and has not been confirmed or denied by Best Buy.

“What Circuit City did was a pretty big blunder,” said Brady Lemos, who follows Best Buy for Morningstar. “They let their most experienced sales staff go, and it was clear that people who worked there weren’t interested in helping you. … Best Buy must be careful not to do anything to that degree.”

Best Buy slashing wages, eliminating jobs in stores [Star-Trib] (Thanks, Amanda!)