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.

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Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.