The founder of American retail chain Best Buy may end up taking the company private, according to a new report in The Wall Street Journal.
According to the report, founder Richard Schulze may try to take the company private after a few disastrous years.
Schulze remains the largest shareholder with about a 20% stake, but resigned as chairman earlier this month. The new report claims he doesn’t want to return as chief executive, a role he held for more than 30 years.
Shares in Best Buy have continued to tumble as it faces significant competition from online stores, and struggles with a downbeat economy. In the past five years, shares have fallen 25%, and in the past year, they’ve fallen 36%. They are now trading at $US19.80.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
