Strategy in TECH...
Multiple news outlets, including the Wall Street Journal and Reuters News Service, are reporting that Best Buy founder Richard M. “Dick” Schulze is considering abandoning his bid to take the company private. Schulze had informed the Board of Directors in August 2012 that he intended to purchase all outstanding shares of stock to take the company private. After months of study and planning, Schulze is said to be ready to scuttle the plan.
Best Buy Company, Inc. announced this past Monday that two of its directors had resigned, including one that had served in the role of chief executive in the past. These departures come seven months after the departure of company founder Richard Schulze who is now working to make a bid for the struggling retailer.
Bloomberg News reported on Monday that the Best Buy Co. board of directors has received a letter with an offer from company founder and former chairman Richard Schulze to acquire all outstanding shares of the company stock and take it private. Schulze is said to have the support of at least two private equity companies and an investment bank that is confident it can arrange adequate financing. Schulze also says several former Best Buy executives are interested in joining him in the process of reinvigorating the company.
<May 16, 2012> The news out of Best Buy Stores, Inc. continues to be ugly. Earlier this week, we learned 
that the board investigation into the unseemly Brian Dunn affair has taken an unexpected turn, resulting in Best Buy founder and board chairman Richard Schulze being forced out of his own company. And yet, some market analysts are celebrating. Why? [Read more…] about Best Buy’s Founder is Forced Out as Ex-CEO Receives $6.6 million Severance
