Reference no: EM131055243

On April 14, 2012, Best Buy Company, Inc., issued a press release from which the following excerpt was taken: April 14, 2012—Best Buy announced plans March 29, 2012, to close 50 U.S. stores as part of a number of key initiatives for this year…. This was not an easy decision to make. We chose these stores carefully, and are working to ensure the impact to our employees will be as minimal as possible, while serving all customers in a convenient and satisfying way. But we also recognize the impact this news has on the people who deserve respect for the contributions they have made to our business…. More broadly, our previously announced retail store actions are intended to increase points of presence, while decreasing overall square footage, for increased flexibility—including key store remodels with a new Connected Store format, while continuing to build out the successful Best Buy Mobile small format stores throughout the U.S. … We are committed to making it easier for customers to shop with us, whenever and wherever they want. The restructuring cost Best Buy $40 million and disrupted the lives of many of the company's employees. Required Assume that you are Best Buy's vice president of human relations. Write a letter to the employees who are affected by the restructuring. The letter should explain why it was necessary for the company to undertake the restructuring. Your explanation should refer to the ideas discussed in the section “Emerging Trends in Managerial Accounting” of this chapter (see Appendix).