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08/07/2012 03:00 PM ID: 92381 Permalink   

Best Buy Founder Offers to Buy Struggling Company


Best Buy´s co-founder offered to buy the struggling electronics giant for as much as $8.84 billion. He announced his proposal Monday.

Richard Schulze, 71, who wants to take the retailer private, is already the company´s biggest shareholder with a 20.1 percent stake. He had opened his first store in St. Paul, Minn. more than 40 years ago before he turned it into a nationwide retailer later.

"After assessing all of my options, it is my strong belief that Best Buy´s best chance for renewed success is to implement with urgency the necessary changes as a private company," Schulze said. It´s still unclear if the offer will succeed.

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