Best Buy Founder May Buy The Company Outright

Posted Wed Jun 27, 2012 at 09:00 AM PDT by Dick Ward

Richard Schulze is seeking out the cash to take the whole thing over himself.

In 1966 a guy named Richard Schulze created a company called Sound of Music, which developed over the years into the mega chain we now know as Best Buy. The company is public now, of course, but Schulze is looking to change that. He's currently shopping around with places like Credit Suisse to find the money to buy up the company.

Richard Schulze is of the opinion that different operating strategies and cost-cutting across the board would take the company back in the right direction. Analyst Michael Pachter doesn't see it happening, stating “I think he will have a tough time borrowing the money."

Source: Home Media Magazine

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Tags: Industry Trends, Best Buy (all tags)