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.