Richfield-based Best Buy will spend about $1.6 billion to take complete control of Best Buy Mobile. Bloomberg reports Best Buy will announce the deal to buy Carphone Warehouse Group's 50 percent share on Monday.
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Best Buy is about to employ its new strategy of more – but smaller – storefronts, the Pioneer Press reports. The electronics giant aims to open new 2,500-square-feet Best Buy Mobile locations this fall, in Roseville, Woodbury, Stillwater, Maplewood, Richfield, Brooklyn Center and Burnsville.
Alfred Teo Sr. was once one of the largest shareholders of Minnetonka-based Musicland. Teo admits he originally bought those shares based on secret information that Richfield-based Best Buy would be interested in buying them.
Richard Schulze is reportedly talking with banks and looking for potential buyout partners as he considers taking the beleaguered Richfield-based electronics retailer private, Bloomberg reports. Schuzle is Best Buy's largest shareholder -- controlling 20.1 percent of the company's stock. The 71-year-old abruptly step down as chairman of the board earlier this month to explore his options.
Best Buy Co. founder Richard Schulze, who stepped down as chairman this year, has offered to take the electronics retailer private at $24 to $26 a share, Bloomberg reports. Credit Suisse Group AG, Schulze’s financial adviser, is confident it can obtain financing for an offer, according to a letter sent to the board Monday. “I have been actively exploring all available options for my ownership stake,” Schulze, 71, said in the letter. Best Buy shares surged as much as 34 percent in early trading.
Richard Schulze may have trouble financing his offer to buy up all the shares of Best Buy. He'd need to take on an estimated $7 billion in debt to swing the deal. That prospect led both S&P and Fitch to further reduce Best Buy's already poor credit rating.
Stocks from Richfield-based Best Buy Co. dropped Friday to $14.96 per share, marking the first time in 10 years that stock dropped below $15. The company's market value currently stands at $5 billion, down from $9 billion a year ago.
For Apple, debut weekends of new products are kind of like movie premiere weekends – a strong start sets the tone for future sales. There's a lot of buzz, hype, marketing and media coverage. But Richfield-based Best Buy, which is one of the largest sellers of iPhones, misses out because Apple only debuts its products at its own retail stores, the Star Tribune's Thomas Lee says.