Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. It also says a deadline passed without a bid from its co-founder, Richard Schulze.
Best Buy shares fell on Friday after the struggling electronics retailer said it extended the window for co-founder Richard Schulze to make a buyout bid until after the holiday season.
The founder of Best Buy reportedly is close to making a formal offer of $5 to $6 billion for the Richfield-based electronics retailer.
Best Buy said Tuesday that its chief financial officer is leaving, the latest executive departure for the struggling electronics chain. The news comes as Best Buy’s founder and former chairman Richard Schulze mulls an offer for the company.
Best Buy Co. Inc. and its founder and former chairman Richard Schulze say they have an agreement that will allow Schulze to pursue his plan to try to buy the nation’s largest consumer electronics chain.
Best Buy Co. is reporting a 90 percent drop in net income during the second quarter, dragged down by restructuring charges and weak sales. The company also withdrew its earnings guidance for the year.
Best Buy’s founder said Monday that he wants to take the electronics retailer private by buying up all of its shares he doesn’t already own in a deal that values the company at as much as $8.84 billion.
Best Buy Co. founder Richard Schulze may be considering a bid to take the electronics retailer private, according to a report by the Wall Street Journal.
Now that he’s resigned from the board, there’s speculation that Richard Schulze may try to take Best Buy private.
The founder and outgoing chairman of Best Buy announced his resignation from the board Thursday and said that he may sell off his 20.1 percent stake in the beleaguered electronics retailer.
Disgraced Best Buy CEO Brian Dunn will receive a $6.6 million severance package.
Best Buy founder Richard Schulze has announced he is stepping down. An internal investigation has confirmed a relationship between former CEO Brian Dunn and a female employee.