Today's Hard|Forum Post
Today's Hard|Forum Post

Thursday June 07, 2012

Best Buy Founder Quits Board, Explores Sale

Heck, at 71 years old, I'd sell off my twenty percent stake in the company before I croak and while it is still worth something. Wouldn't you?

The founder and outgoing chairman of Best Buy announced his resignation from the board Thursday and said he may sell off his 20.1 percent stake in the beleaguered electronics retailer. It's the latest news to hit the Minneapolis company facing increasing competition from online retailers and a CEO scandal, and it removes one obstacle for a possible private equity takeover of the company. Shares fell nearly 8 percent in morning trading.