Sources say Best Buy founder Richard Schulze -- who stepped down as chairman this month -- intends to attempt to take the company private. It's not exactly a layup -- but he may be the only one ready and able to turn the struggling consumer electronics giant around.
Best Buy stock pushed higher on word that founder Richard Schulze may be considering a bid to take the electronics retailer private, according to The Wall Street Journal. But Schulze, who owns 20% of the company, may yet decide to sell his stake instead.
Best Buy founder Richard Schulze said on Thursday he is exploring all options for his 20.1% stake in the electronics retailer, leading him to immediately relinquish his roles as chairman and a director.
Best Buy said Monday its founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and failed to alert the audit committee.