Founder Richard Schulze plans to reduce his stake in Best Buy

  • Article by: Thomas Lee , Star Tribune
  • Updated: August 27, 2013 - 4:37 PM

The Richfield-based company’s founder plans to cash out some stock and use the money to fund his family foundation, a source said.

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suzukisvAug. 26, 13 5:11 PM

I think the reality is more like; through his intervention and the ensueing spats, he was able to create a new focus and did (along with Joly) revive share price to a moderate level and now it's time to reap the rewards of that effort. I believe he and really anyone knows that BBY's future is still a huge question and he's not going to wait for the answer. Also, he could take a huge chunk of that money and make a whole lot more in other equities.

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jimmyjames76Aug. 26, 13 5:37 PM

Haha. Here it comes. Fire tons of workers, falsely prop up the company so the stock price rises, and then dump all of your holdings when the house of cards is about to fall over.

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thepointAug. 26, 13 5:56 PM

I think it's time for the Strib and others to stop stabbing BB in the back and recognize they have made a turn-around. Yes, the future is unsure, but what corporate entities future is assured? BB employs thousands of Minnesotans and they are great corporate citizens.

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nordic924Aug. 26, 13 6:13 PM

AMEN, thepoint, well stated. Thank you.

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joe_mnAug. 26, 13 6:28 PM

His stock has tripled. Used to be worth 700 million. Now it's worth 2.1 BILLION.

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biffpoloAug. 26, 13 6:38 PM

Icky...this guy is slippery like Denny Hecker, Tom Peters and Ziggy Wilf. All aggressive, low IQ, cheating, smoozers who promise more than they can deliver...and usually commit a ton of crimes along the way.

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teddygAug. 26, 13 7:22 PM

Point, It is not the Stribs role to present only the good news about BBY. Their articles merely reflect the sentiment on Wall Street the BBY faces significant headwinds when competing with high growth, low inventory business models of Tiger Direct and Amazon. That sentiment may be wrong, but it the reporters' duty to the readers to present those facts.

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HeyGoodBuddyAug. 26, 13 8:05 PM

Biffpolo - Schulze has been around for-ever. He is a perfect example of great American ingenuity. He started small, and over decades has built a great empire. BB has had it's ups and downs like virtually every company. Now he wants to make his foundation grow from a hundred mil to a billion. How can you fault him for that? I wish him the best.

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rochfanAug. 26, 13 8:51 PM

Well said, good buddy. His business grew jobs and locations strengthened communities. He has turned it over to a smart, creative CEO in Mr Joly and his team. Best buy will continue to grow and do well. The Schulze family foundation will grow, too. These are kind and generous people. Good luck to them.

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rochfanAug. 26, 13 9:01 PM

well said, goodbuddy. mr Schulze has created a lot of jobs and his stores have contributed a lot to many communities. Now he has turned over Best Buy to the smart and creative Mr Joly and his team. Best Buy will grow and do well. And so will the Schulze Family Foundation. These are kind and generous people. We wish them well.

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