Reporting Steve Murphy
MINNEAPOLIS (WCCO) – The founder of Best Buy reportedly is close to making a formal offer of $5 to $6 billion for the Richfield-based electronics retailer.
The Star Tribune says the deal could happen in the next few days.
But with all the competition from on-line sellers, many wonder what difference it would make whether Best Buy is run by public shareholders or private owners. Can Richard Schulze rescue the company he started 46 years ago?
“This is by no means a safe bet” Hamline business professor Jeffrey Rich said.
Schulze’s bid may say more about his concern for his creation than a magic business strategy, Rich said.
“Schulze, as the founder of Best Buy, I would imagine doesn’t want to see that business go the way of other electronics giants,” he said.
Schulze may be trying to maintain the legacy of Best Buy in whatever way he can, Rich added.