Best Buy Private Buyout

Best Buy (BBY) founder Richard Schulze plans to take the massive nationwide retailer private once again, and he is reportedly recruiting a team of executives to help revitalize the company if his effort is successful. An earlier report from June revealed Schulze’s intentions, suggesting that the former board chairman was planning a buyout to turn the struggling retailer’s business around and prevent his stake in the company, which currently sits at 20%, from losing more value. Now, Bloomberg adds on to the report, citing a senior Best Buy executive in stating that Schulze is building a new executive team that will be put in place if his buyout succeeds. “He is talking to people he trusts,” J.D. Wilson, SVP of enterprise capabilities, told Bloomberg. “There is a small group he’d like to have with him in righting the ship. He is serious as a heart attack.”

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