Best Buy Co. Inc. founder Richard Schulze, who has been trying to put together a plan – and financing – by mid-December to take his former company private still has a lot of work to do, the New York Post reports.
Schulze is still a “long ways” from making a firm bid for the struggling electronics retailer, an unnamed source tells the newspaper. The buyout is expected to be as much as $7 billion.
Another bid deadline extension for Schulze is possible. It's possible any potential buyers prefer the delay, as they wait to see if the struggling company's stock slides further, the Business Journal notes.