Founder Richard Schulze fails in his bid to retake Best Buy

  • Article by: Thomas Lee , Star Tribune
  • Updated: March 1, 2013 - 10:03 AM

Best Buy founder Richard Schulze failed Thursday to make a bid to acquire the company, and negotiations for Schulze to return to the board of directors also collapsed.

  • 34
  • Comments

  • Results per page:
cheiron55402Feb. 28, 1312:05 PM

Probably a good idea. Best Buy is losing money fast, and IMO unless there is a serious change in their business model, it will go out of business. Their pricing just can't complete with the online sellers (example Amazon).

13
27
suzukisvFeb. 28, 1312:40 PM

their only hope was to go private via Shulze. Modern investment culture won't allow it the time it would take to revitalize (even if it can.) Without the private buyout, I'd bet they're gone within 3 years.

21
14
Macknife69Feb. 28, 1312:42 PM

I wouldn't have a clue why the board would want him back. He was there as they headed down the wrong road a number of times in recent years--just the same as Mikan -- why would you want someone who fiddled while Rome burned. Obviously he may be able to force his way in---but in the end--take your ego and retire peacefully.

18
12
mixie7Feb. 28, 1312:53 PM

So, the guy who enabled the near trainwreck of a business model they have now AND covered up sleezy, unethical behavior wants his board spot back, and they should do that because????

16
14
bones2406Feb. 28, 1312:54 PM

The amazon commentary is old, tired, played out and no longer relevant. I'd encourage anyone who thinks otherwise to actually do research, rather than recycle 2 year old blogs. Best Buy is competitive, even before having to use their price match policy. Additionally, review Amazon's financial performance in states that collect sales tax--CA makes a compelling case. Amazon's advantage is as dead as some claim Best Buy's future is. Read. Be educated. Be objective. Dont be lazy. Best Buy has it's challenges ahead, but don't rule them out.

51
9
FrankLFeb. 28, 13 1:17 PM

Maybe he'll go away, but I doubt it, his ego is too big. Many of the things that people hated about BBY were the creations of Schulze. I think BBY can survive, but it will be a completely different type of store. The on-line shopping is less of a problem than all the info on-line available to customers. The days of BBY taking advantage of a clueless customer are gone.

9
14
charlie99Feb. 28, 13 1:18 PM

Word is that Best Buy kept pressing Schulze to also buy an extended warranty on the company and he finally got frustrated and walked out.

54
7
alandersen2Feb. 28, 13 1:20 PM

Kudos to bones for an articulate and well thought out comment. BBY suffers from price perception rather than price discrepancy.

28
5
albundy74Feb. 28, 13 2:49 PM

The other Best Buy problem--few companies consistently irritate and anger their customer base and survive.

14
7
kirksterFeb. 28, 13 3:06 PM

Stay retired Dick. You and the good ol' boys club have done enough.

9
9

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT