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Reports: Best Buy laying off 2,000 managers

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News reports say Best Buy is laying off as many as 2,000 mid-level managers.

The New York Post first reported the layoffs Wednesday. Best Buy spokeswoman Amy von Walter declined comment on the report, citing the company's "quiet period" before its quarterly earnings announcement on Thursday.

The New York Post's unidentified sources say some of the managers affected supervise product categories at the roughly 1,000 Best Buy stores nationwide.

The company has been laying off workers at headquarters in dribs and drabs, often on Tuesdays, according to MPR News sources. That's led some workers to dub those events "Termination Tuesday."

Best Buy suffered a tough holiday shopping season. Steep competition from Amazon and other retailers, along with big product discounts hurt the company's financial results.

The retailer has been working toward a goal of cutting annual costs by $725 million. In January, the company said it had achieved $550 million in cost savings.