Retail in Asia

In People

Best Buy founder resigns, puts large stake in play

Best Buy Co Inc founder and chairman Richard Schulze resigned from the retailer’s board on Thursday and said he was exploring options for his 20.1 percent ownership stake, a move seen as a possible precursor of a Schulze-led private takeover.

The news came just two months after CEO Brian Dunn abruptly left the electronics chain, and adds to management distractions as Best Buy struggles to compete with online and discount retailers.

"To some extent, people are saying to themselves maybe what he is doing is he is getting off the board so he can team up with some private equity guys and make a run at the company," said BB&T Capital Markets analyst Anthony Chukumba.

(Source: CNBC)