Best Buy Is Losing Its Best Chance of Survival: Jeff Macke
Hope may be running out for Best Buy. Since Richard Schulze, Best Buy's founder and former chairman, announced plans last August to take the ailing electronics retailer private for $10.8 billion -- including debt -- the stock has plunged almost 25%.
The company's board rejected Schulze's initial offer to buy back the company. Schulze has missed several deadlines to give the board another proposal; the next deadline is Feb. 28.
Schulze may scrap his bid in favor of lining up investors to take a minority position in the company