Best Buy (BBY) Founder Schulze Struggles to Finance Proposed Buyout Offer
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Best Buy (BBY) Grants Schulze Non-Exclusive Due Dilligence Info Rights
August 27, 2012 9:14 AM EDTBest Buy Co., Inc. (NYSE: BBY) and founder Richard Schulze announced that they have reached an agreement under which Mr. Schulze will be granted access to certain due diligence information and permission to form an investment group with private equity sponsors in furtherance of making a fully financed proposal to acquire the Company.
Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Mr. Schulze, while at the same time protecting the interests of all shareholders.
Mr. Schulze stated that he was pleased that... More
Best Buy's (BBY) Death Spiral Continues; Q2 Earnings Flop and Guidance Pulled
August 21, 2012 8:27 AM EDTThe body blows just keep coming for Best Buy (NYSE: BBY) and investors are simply dumbfounded by the lack of visibility and direction at the once mighty electronics retailer.
This morning the company reported second quarter results that were well below expectations and pulled its financial guidance and share buyback plan.
Second quarter revenues fell 3 percent to $10.547 billion, versus $10.856... More
Founder Schulze Comments on New Best Buy (BBY) CEO Appointment; Says 'Enomous' Challenges Remain
August 20, 2012 11:13 AM EDTRichard Schulze, founder and largest shareholder of Best Buy Co., Inc. (NYSE: BBY), today issued the following statement in response to Best Buys announcement that it has named Hubert Joly as President and Chief Executive Officer.
Hubert Joly is an accomplished executive. However, Best Buy continues to... More
