RichardSchulze
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Best Buy founder ever closer to finalizing company buyout bid
Best Buy founder Richard Schulze may have stepped down as chairman of the board, but he's certainly not out. His plan to buy the turbulent company has reached the next step -- an agreement which pre-empts the formal offer. Schulze now has access to all the private numbers he'll need to put together an investor group within the 60-day timeframe. And, if this round is unsuccessful, it'll be next January before another bid can go to the Board of Directors, followed by direct shareholder offers if the second attempt fails. Given that Schulze owns 20 percent of Best Buy, he gets two seats-worth of voting power as long as he sticks to the agreed process. So, with a new CEO taking the reigns in September and the acquisition machinery in top gear, is there fresh hope for the big box retailer?
Best Buy founder wants slashed prices, Apple-style customer service in $10 billion rescue plan
Best Buy founder Richard Schulze is proposing a plan to turn around the ailing electronics store as part of a $10 billion buyout. He's proposing the retailer slashes prices to compete with online rivals like Amazon, while offering Apple Store-levels of customer service. He's concerned that the current closure and size-reduction policy will spell the end of the business, which is rumored to announce another round of closures shortly. It's yet to be seen if his plan, which would mean running Best Buy at a loss for several years, would be accepted by the company's management, who are meeting to discuss the proposals at the end of the month.
Best Buy founder / chairman steps down after investigation
Yet more fallout in the case of Best Buy CEO Brian Dunn's sudden resignation last month. Some more light has been shed on those aforementioned "certain issues" we heard about, and now an internal investigation has led to the exit of the big box retailer's founder Richard Schulze as chairman of the board. Schulze will be replaced by Hatim Tyabji, who has served as the CEO of Bytemobile and as chairman of the Best Buy's audit committee. The transfer will occur after the company's annual meeting on June 21, 2012. Tyabji had the following to say about Schulze's tenure with the company, Dick's leadership and vision changed the landscape of American retail, and he will forever be remembered as an iconic entrepreneur. We join Best Buy's 167,000 employees in thanking him. More details on Schulze's exit can be found in an official Best Buy statement after the break.
