Twin Cities reports the Best Buy has cut 400 jobs at its Richfield headquarters as the electronics giant scrambles to survive in a competitive retail world.

"This $150 million reduction, executed today, represents the first phase of this (Renew Blue) initiative, with additional reductions to come during the year," Best Buy said in a statement Tuesday.

No "Blue Shirt" store employees are being laid off in this round, nor are any more stores being closed, the company said.

Tuesday's layoffs follow a pledge that Best Buy's new chief executive officer, Hubert Joly, made in November at an investors meeting in New York. Joly promised a leaner operation, vowing to remove $725 million in annual costs.

The company said it will provide more details Friday, when it announces fourth-quarter earnings.