Best Buy's Canadian arm to cut 950 jobs

Best Buy Canada will cut about 950 full-time jobs, the electronic retailer said on Thursday, as it restructures its operations in part to support online sales growth. Parent company Best Buy Co said earlier this month holiday sales were disappointing and warned of a bigger-than-expected fall in quarterly operating margins. Best Buy Canada said it will merge its Future Shop and Best Buy sales departments and cut management levels at both brands across the country. The company, which has 265 locations across Canada, said online sales have grown by more than 50 percent in the past year and new services such as in-store pickup have more than doubled.

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