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Best Buy founder offers to buy company

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Monday, August 06, 2012

Best Buy co-founder Richard Schulze wants to take the company private by buying all its shares he doesn't already own.

It's the latest twist to the Minneapolis company's struggles to stay relevant as more and more people buy electronics online. Over the past year it has announced a major restructuring plan and fired its CEO. The company is attempting to revamp itself to avoid the fate of its rival Circuit City, which went bankrupt in 2009, partly because of changing shopper habits.

Schulze already has a 20.1 percent of the stock in the company, so paying for the rest of shares would mean coming up with about $6.9 billion.

Read more at The Statesman Journal.

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