Best Buy Investors See Better Times Ahead
Shares of Best Buy, the beleaguered consumer electronics retailer, were on the rise Thursday despite media reports that founder Richard Schulze may scrap plans to take the chain private after failing to get financing. The deal had been valued as high as $11 billion.
According to The Wall Street Journal, Schulze, Best Buy’s largest shareholder, now is trying to persuade investors to take a minority interest in the Richfield, Minn., company. He has until the end of the month to make a bid for Best Buy