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Best Buy sells Napster

Napster will be merged with Rhapsody -- creating the largest on-demand music service in the U.S. The Richfield-based electronics retailer will receive a minority stake in the company.
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Napster will be merged with Rhapsody -- creating the largest on-demand music service in the U.S. The Richfield-based electronics retailer will receive a minority stake in the company.

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Best Buy chairman resigns early, may sell stake

Founder Richard Schulze is stepping down from the board of directors sooner than planned in order to explore options for his 20.1 percent ownership stake. Last month, Schulze announced he would resign on June 21 at the company's annual meeting. An investigation found he knew that former CEO Brian Dunn was having an inappropriate relationship with a female employee. Schulze, the founder and outgoing chairman, has been with the Richfield-based electronics giant since its debut in 1966 and is the company's largest shareholder.

Best Buy to hire fewer seasonal workers this year

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The SportsBusiness Journal reports the Richfield-based electronics retailer will be behind the promotional events leading up to the game between the Chicago Bears and Tampa Bay Buccaneers at London's Wembley Stadium later this month.

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Interim CEO Mike Mikan told shareholders and employees, gathered at Best Buy's annual meeting Thursday, the company is committed to changing in fundamental ways. The Richfield-based electronics retail giant plans to provide new employee training for better customer service, reduce its retail footprint and tackle trends like "showrooming" that are hurting the retailer's sales. Best Buy is also recovering from three months of internal drama, including the abrupt resignation of its founder and largest share holder Richard Schulze. He was not seen at Thursday's meeting.

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Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.