Best Buy Founder Steps Down, Mulling Sale Of His 20% Stake

Law360, New York (June 07, 2012, 6:38 PM ET) -- Best Buy Co. Inc.'s founder and largest individual shareholder Richard Schulze said Thursday he would step down as chairman of the retailer and “explore all viable options” for his 20.1 percent interest in the company, a move that could stoke private equity investors.

The announcement comes two weeks ahead of Schulze's planned resignation date and follows a rough year for the company, which has struggled to compete with online powerhouse retailer Amazon.com Inc. The decision also comes after the well-publicized April ouster of Best Buy's former...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required