Uncertain future for Best Buy's shaken shareholders

Best Buy is holding its annual shareholders meeting Thursday. The beleaguered Richfield-based electronics giant has had plenty of boardroom drama over the past three months, including the abrupt departure of company founder and largest shareholder Richard Schulze. After months of uncertainty, investors are eager to learn what's next for the world's largest consumer electronics retailer.
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Best Buy is holding its annual shareholders meeting Thursday. The beleaguered Richfield-based electronics giant has had plenty of boardroom drama over the past three months, including the abrupt departure of company founder and largest shareholder Richard Schulze. After months of uncertainty, investors are eager to learn what's next for the world's largest consumer electronics retailer.

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High-profile hedge fund manager dumps Best Buy

David Einhorn, who leads New York-based Greenlight Capital Inc., has sold off his firm's 7.7 million shares, or 2.27 percent stake, in the Richfield-based electronics retailer. The Star Tribune reports Greenlight's losses could approach $100 million. Analysts tell the newspaper Einhorn's decision to exit could help former Best Buy chairman and founder Richard Schulze, who is exploring options for his 20 percent stake in the company, including an effort to take the company private.

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.

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.

Schulze to interview key Best Buy executives

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.

Schulze rejects condition of due diligence deal

Best Buy and its founder Richard Schulze continue to spar over Schulze's attempt to take the struggling Richfield-based electronics retailer private. The Star Tribune reports Schulze, Best Buy's largest shareholder with a 20% stake, rejected a proposal from the company's board of directors over the weekend. Best Buy says it offered to show Schulze the company's financial data in exchange for delaying any takeover attempt until 2013, should the board reject his bid.

Best Buy CEO: 'Showrooming is one of the greatest falsehoods'

Best Buy's new top executive, Hubert Joly, tells the Star Tribune that he's "not a big fan of shrinking the company." He wants the Richfield-based electronics giant to maximize sales with its existing stores. One analyst was also a bit puzzled by Joly's comments about "showrooming." "I don't think he's right. I think there's plenty of evidence of people doing that," said Laura Kennedy.

Best Buy gives Schulze green light to pursue buyout

Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.

Best Buy vows to improve, touts turnaround plan

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.