Report: Best Buy Founder May Seek Buyout Deal

NEW YORK (AP) -- Best Buy's founder Richard Schulze may be considering a bid to take the electronics retailer private, according to a report by the Wall Street Journal.

The report, citing people familiar with Schulze's thinking, sent Best Buy shares up in late day trading. The stock closed up 5 percent.

Schulze is the largest shareholder by far in Best Buy and has said previously he is considering options for his 20 percent stake.

Schulze initially said he would step down as chairman after the company's annual meeting June 21 in the wake of a CEO scandal that deposed Best Buy's CEO. However, he resigned abruptly June 6 instead.

Best Buy had no comment. A spokesman for Schulze did not immediately return a query.


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