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Best Buy lays off 950 in Canada

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Best Buy is laying off 950 employees from its stores in Canada.

The consumer electronics retailer is consolidating sales departments and reducing the number of managers in Canadian stores.

Company officials say the move is part of Best Buy's effort to "streamline its store operating model" and increase efficiency.

Best Buy has 265 locations and 16,000 employees in Canada, where it operates under the Best Buy and Future shop banners.

The move follows the company's layoffs in the United States more than 10 months ago, said Brian Yarbrough, a retail analyst with Edward Jones. He said the company's projected sales Canada were disappointing.

"They haven't materialized to the levels they thought they would," Yarbrough said. "They said, 'We're going to get more aggressive on our cost-cutting plan.' And this is probably part of that."