The billionaire founder of Best Buy is putting his money where… his money is:
Best Buy Co. (BBY) founder Richard Schulze, who stepped down as chairman in June, offered to take the electronics retailer private at $24 to $26 a share. The stock had the biggest gain in almost a decade…
“I have been actively exploring all available options for my ownership stake,” Schulze, 71, said in the letter. “That exploration has reinforced my belief that bold and extensive changes are needed for Best Buy to return to market leadership and has led me to the conclusion that the company’s best chance for renewed success will be to implement these changes under a different ownership structure.”
It’s the best possible way to save the company. Shareholders probably wouldn’t have the patience to endure what must be done if Best Buy is to survive.