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.