US NEWS: Best Buy founder attempts to buy back company for $10bn
Best Buy founder and former chairman Richard Schulze has made an unexpected $10bn bid for the troubled electronics retailer, which he founded 46 years ago, according to the Wall Street Journal.
Schulze (71) owns 20% of Best Buy, making him the single largest shareholder. He will need board approval before assembling an investment group and putting forward a formal bid for the company.
Best Buy has already closed its 11 UK 'big box' stores after mounting losses at its joint venture with Carphone Warehouse.
It subsequently shifted its focus to selling more portable electronics, such as mobile phones and tablets, through its smaller Carphone Warehouse outlets.