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

Sunday March 03, 2013

Best Buy Founder Drops Plans for Buyout

Richard Schulze, Founder and past chairman of Best Buy failed to meet the Thursday deadline to purchase the company and take it private. Schulze could not raise the necessary capital from potential backers and now Best Buy is moving forward with turnaround plans to increase sales and cut overall costs.

The company, which permanently closed 49 large stores in the last financial year, said it expected to shutter an additional five to 10 large stores this year as well. At the end of the fourth quarter, Best Buy had 1,056 big box or large format stores in the United States.