Skip to main content

Deadline arrives for Best Buy founder Schulze to submit bid

  • Author:
  • Updated:

Best Buy founder Richard Schulze, the struggling retailer’s largest shareholder, has until midnight Thursday to submit a buyout offer for the company he founded in 1966, Forbes reports.

The Star Tribune says Schulze appears to be giving up his efforts to acquire the company. A source told the newspaper that he is trying to return to his former position as chairman of the board.

The Richfield-based consumer electronics giant extended Schulze's timeline in December so he could look at the holiday sales.

Best Buy Co. Inc. originally planned to release full fourth-quarter figures on Thursday, but abruptly decided Tuesday to delay the financial results until Friday to give Schulze the full day to review his plans.

“Our decision to move our earnings call to before the market opens on Friday, March 1, was solely to allow for the expiration of the period of time Mr. Schulze has to respond to the company,” spokeswoman Amy von Walter told the Star Tribune.

However, expectations of a deal have cooled amid reports that Schulze is having trouble securing the financing for a bid -- which could be as high as $11 billion.

Schulze stepped down as chairman last spring after an internal investigation found he did not tell the board about allegations that then-CEO Brian Dunn was having an inappropriate relationship with a female employee.

Schulze left the company in June to pursue his efforts to acquire the retailer.

CEO Hubert Joly succeed Mike Mikan, who has served as interim CEO after Dunn abruptly resigned in April.

The company's stock price has jumped more than 40 percent in the first two months of 2013 after struggling much of last year.

Earlier this week, Best Buy announced it was slashing 400 jobs from its corporate headquarters in an effort to save $150 million.

Click here, to follow Best Buy's stock performance.

Next Up

Screen Shot 2021-05-27 at 9.29.03 AM

Former state senator Scott Jensen endorsed by GOP for governor

Jensen beat to multiple other hopefuls for the endorsement at Saturday's convention.


NWS already monitoring Thursday for severe weather in MN

Monday-Wednesday should be fantastic weather in Minnesota.


Body of missing Mankato woman believed to have been found

A canoer found the body in a swamp near Eagle Lake Friday.

kim crockett facebook sos

MN GOP endorses attorney general, secretary of state candidates

Kim Crockett was endorsed as the party's candidate for secretary of state, while Jim Schultz won the endorsement for attorney general.


Volunteer firefighter identified as man killed during Thursday storms

The Kandiyohi County Sheriff's Office confirmed that 63-year-old Ryan Erickson died when a grain bin fell on him.

Juan Ramos, standing outside of his Taco Chon Mexican Grill, in St. Cloud, Minnesota.

Firm takes on case defending Taco Chon against Taco John's lawsuit

The local Mexican restaurant is fighting a case presented by Taco John's over naming rights, among other things.

Screen Shot 2022-05-14 at 7.32.27 AM

Worker killed in skid loader accident was 23-year-old apprentice lineman

Minnesota Valley Electric Cooperative called the incident "the unthinkable."

Cascade River 1

Raging North Shore rivers overtake bridges, snap trees in half

Pedestrian bridges near the Lutsen Resort have been damaged by the vast river flow.

u.s. attorney's office

St. Paul man sentenced for 2021 robbery spree

Warren Dean, 27, admitted to robbing seven St. Paul businesses in a span of three days.