Best Buy said Wednesday that it is furloughing more than 50,000 hourly store employees and an additional 18 percent of its full-time store and field employees.
The furloughs, which begin Sunday, constitute "nearly all" of the corporation's part-time hourly store employees. Employees who are furloughed will be able to retain their health benefits for three months.
In addition, corporate employees are participating in "voluntary" reduced workweeks with resulting pay cuts.
Corie Barry, the company's CEO, said she will forgo 50% of her base salary through at least September 1. Members of the Board of Directors will forgo 50% of their cash retaier fee.
In response to the coronvirus pandemic, Best Buy closed its stores and asked customers to order items online before picking them up curbside at stores. The company also suspended in-home installation and repairs of electronics and appliances.
Best Buy's stock price tumbled 4.5% Wednesday morning following the announcement. Since reaching an all-time high in February, the company's stock price has fallen nearly $30 a share.