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Best Buy Co. has laid off 400 people at its headquarters in Richfield, the “first phase” of several cost reductions that will come this year.

The company said the move is part of an effort to eliminate $150 million in costs as part of CEO Hubert Joly’s “Renew Blue” strategy to boost sales and lower expenses by $725 million over the next several years. The company employs 8,000 people in Minnesota and 160,000 workers worldwide.
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