Electronics retailer Best Buy is cutting 400 jobs at its Richfield, Minnesota headquarters in an effort to save $150m (£99.6m).

Store assistants will not be included in the restructuring and no store closures are planned.

However, additional cost-reduction initiatives are likely to follow over the rest of the year.

Separately, the retailer has ended talks with founder Richard Schulze about plans to buy out a minority stake in the company in exchange for three seats on the board. With insufficient support, it now appears that Schulze will be unable to stage a buyout.

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