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Best Buy Co. (NYSE:BBY) founder Richard Schulze is considering a buyout of the struggling company. The Wall Street Journal, citing people with knowledge of the matter, reported that Schulze is working with a Wall Street bank to take the company private.
Schulze, who resigned abruptly as Chairman and director of Best Buy earlier this month, is the largest shareholder in the Richfield, Minnesota-based retailer. Schulze had said that he was looking at options for his stake in the company, which he founded 46 years ago.
The Journal, citing people with knowledge of the matter, said that Schulze wants to preserve the value of his stake in Best Buy. Schulze, 71, is concerned that if major changes are not made to the company, the stock will continue to decline. BBY stock is down nearly 15% this year.
However, Schulze, who served as CEO of BBY for over three decades, is not likely to lead the company once again, people familiar with the matter said.
Schulze apparently prefers taking the struggling retailer private and is working with Credit Suisse. Schulze has not commented on the issue yet. Meanwhile, Best Buy and Credit Suisse declined to comment on the issue.
