REPORT: Best Buy Founder Is Recruiting A Team To Buy Back The Company

best buy store

Photo: By Ron Dauphin on flickr

Best Buy founder Richard Schulze is recruiting an executive team as he seriously considers buying out the company, according to Bloomberg’s Chris Burritt and Jeffrey McCracken.Click here for updates >

“There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack,” J.D. Wilson, a senior executive at Best Buy said. 

The Bloomberg report follows headlines at the end of June that Schulze was speaking with the Credit Suisse investment banking team.

The electronics store founder exited Best Buy earlier this year after it was revealed he did not notify the company’s board of directors of a relationship between the company’s then CEO, Brian Dunn, and a subordinate.

Schulze currently holds a 20 per cent stake in Best Buy.  

Shares are up more than 7 per cent in pre-market trading.

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