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The electronics retailer, facing larger competitors and falling sales, said Wednesday that it would lay off about 3,400 store workers — immediately — and replace them with lower-paid new hires as soon as possible. The laid-off workers, about 8 percent of the company’s total work force, would get a severance package and a chance to reapply for their former jobs, at lower pay, after a 10-week delay, the company said. "We haven’t done something called (a) wage management initiative before," said company spokesman Jim Babb. "All companies at one time or another need to go through and make sure their cost structure works with market conditions."