The economy is hitting everyone hard and that includes Best Buy. Best Buy reported on Tuesday its earnings for the third quarter dropped by 77% over the same quarter last year.

Best Buy CEO Brad Anderson has announced that Best Buy will be offering voluntary buyouts to all of its employees. If a sufficient number of buyouts are not taken, they will have to start layoffs. In addition to cutting back on employess Best Buy will cut expenditures in half and delay new store openings.

All of this bad news occurred despite an increase in Black Friday sales over last year.