Best Buy founder has options as decision day nears


The deadline for a decision for Best Buy founder Richard Schulze comes later this week.

After months of false starts, the Star Tribune reports that Schulze could choose from a number of options regarding the future of the world's largest consumer electronics retailer. His deadline for making a bid is Feb. 28.

He could make an offer for the company, returning the publicly traded company to its origins as a private chain of stores. He could walk away, ceding Best Buy's future to a new group of executives led by CEO Hubert Joly. The paper reports that Schulze's other options include recruiting a minority investor, selling his stake and exiting, or negotiating another extension.

A source close to Schulze insisted he will do something this week, if not make an outright buyout bid.

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Best Buy founder explores potential buyout options

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.