Best Buy Co. and Target Corp. said Tuesday they are cutting jobs to reduce costs as they face lower consumer spending at their stores.

Best Buy told its employees on Tuesday that an unknown number of involuntary layoffs would take place at its headquarters, a spokesman for the company said in a statement according to Reuters. The company previously arranged 400 voluntary exit packages for workers.

Further details on Best Buy's job cuts will be given to employees on Feb 19, according to the report.

Target also today said it will slash about 1,500 jobs, including 600 at its headquarters. Four hundred will be left as unfilled positions and 500 more employees from a distribution center will be cut as the retailer's sales weakened more than expected.

Retailer Home Depot Inc will cut as many as 7,000 jobs.

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