REPORT: BEST BUY FOUNDER CONSIDERING BUYOUT OF COMPANY, SHARES SPIKE

best buy

Photo: cbcastro on flickr

Best Buy founder Richard Schulze is looking into buying out the company, reports the Wall Street Journal’s Ryan Dezember and Ann Zimmerman. Schulze is working with bankers from Credit Suisse.The stock immediately spiked by around 6 per cent.

Earlier this month, Schulze resigned from the company as Chairman of the board.

At the time, Schulze owned around 20 per cent of the company.  It was unclear what he would be doing with his stake.

Best Buy has been struggling to compete with discounters like Wal-Mart and online retailers like Amazon.  Best Buy is often considered to be Amazon’s showroom.

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