Best Buy (BBY.US) is conducting company-wide layoffs, including a reduction in its Geek Squad team size. The Geek Squad provides technical support and repair services both in-store and at customers' homes. A Best Buy spokesperson stated that the consumer electronics retailer is reducing staff in its customer service and in-home service teams, with only a minimal number of employees affected. According to Best Buy's latest annual report, the company employs over 80,000 people.

Best Buy's customer service team has previously helped the company differentiate itself in the highly competitive electronics sector. These layoffs come as Best Buy faces tariff pressures and struggles to replicate the strong sales growth experienced during the pandemic period. As of Wednesday's close, the company's stock has declined 14% year-to-date.

The Best Buy spokesperson added that eligible employees affected by this restructuring will receive severance packages. Last year, Best Buy laid off Geek Squad agents during a restructuring initiative, with CEO Corie Barry stating at the time that part of the restructuring's purpose was to reallocate resources to areas such as artificial intelligence.

Best Buy reported $114 million in restructuring costs for the second quarter in August.