Update: A Best Buy spokeswoman confirms the company is eliminating 250 positions but also posting another 210 job openings today.

"We sincerely hope that the people who are affected [by the job cuts] will be able to apply and fill a lot of those jobs," spokeswoman Susan Busch said.

Employees whose positions are being eliminated will remain with the company for 30 days and receive severance pay and health, dental and life insurance benefits for one year, Busch said. The company will also provide networking opportunities, career counseling and on-campus job fairs for affected employees.

"We really want to give our employees as much support as we can," Busch said. "These are good people with great skills. They were just in positions that were no longer aligned with the company' priorities."

Some of the 210 newly posted positions will plug holes left from a round of voluntary employee buyouts that went into effect earlier this year. About 500 employees participated in that program, significantly reducing the number of involuntary layoffs required, Busch said.

Best Buy employees on the micro-blogging service Twitter are expressing relief, empathy and optimism at the day's news.

Here's a sampling of some of the Twitter chatter:

@bby_community: Changes at Best Buy® today: 250 positions eliminated; 210 new jobs posted. I still believe in BBY's strength. #bby500 

@bernierjohn: Structure changes,but my role at Best Buy is not changing. I'm relieved, but empathetic for others gettign different news. #bby500 

@miketubman: I'm not going anywhere...thankfully (except maybe to the bar to celebrate) #bby500