Brad Anderson

Following his failed takeover attempt last month, Best Buy founder Richard Schulze will return to the company with the title Chairman Emeritus. Another former CEO, Brad Anderson, has rejoined the board, as has former executive  Al Lenzmeier

Best Buy Co. laid off 400 employees Tuesday at its corporate headquarters in Richfield, the first major salvo in CEO Hubert Joly's campaign to transform the lumbering $50 billion giant into a more nimble retailer equally at home in malls and cyberspace.

Joly made the downsizing move just days ahead of what could be a crucial point in the company's 47-year history. Founder Richard Schulze faces a Thursday deadline to make an offer to buy the company. Schulze's decision will have profound consequences on the future of Best Buy

Former Best Buy Chief Executive Officer Brad Anderson said he was joining the board of Vancouver, British Columbia-based LightHaus, a company that measures customer engagement inside stores.

LightHaus uses information obtained from in-store video cameras to measure customer traffic and evaluate browsing and shopping behaviors as well as trends.

The data can then be used by retailers to boost customer service, sales conversion rates and in-store productivity.

Best Buy founder Richard Schulze wrote a public letter to the company's board Thursday, reiterating his seriousness about mounting a takeover of the company and warning that he is "not going away." 

Former Best Buy CEO Brad Anderson, nearly exactly one year after handing off to Brian Dunn, has stepped down from the company's board

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