Best Buy, Richard Schulze | featured news

Best Buy Co Inc founder Richard Schulze, who left the board last year and later failed in his effort to take the company private, will rejoin the retailer as chairman emeritus and add two of his former colleagues to the board.

Best Buy Co. Inc. and its founder and former chairman Richard Schulze say they have an agreement that will allow Schulze to pursue his plan to try to buy the nation's largest consumer electronics chain.

Best Buy Co Inc founder and former Chairman Richard Schulze offered to take the struggling electronics retailer private on Monday in a deal that values the company at between$8.16 billion to $8.84 billion.

Richard Schulze, the founder of Best Buy, is exploring putting together a bid to take the struggling electronics retailer private, according to people briefed on the matter. Mr. Schulze, who resigned from the company’s board this month, has been begun working with bankers from Credit Suisse to consider such a move, these people said. They said he would probably team up with a private equity firm or other deep-pocketed investor. With a 20.1 percent stake, he is the company’s largest shareholder.

The company’s founder, Richard Schulze, said he was leaving the board immediately and also said he was looking to sell his 20.1 percent stake in the retailer, worth about $1.3 billion.