NEW YORK (AP) — Best Buy co-founder and Chairman Emeritus Richard Schulze plans to sell some of his shares in the electronics retailer.
Schulze is the company's largest shareholder with a 20.6 percent stake in the company. Best Buy did not specify how many shares Schulze plans to sell but disclosed the plan in a filing with the Securities and Exchange Commission late Monday. The move is part of Schulze's "personal long-term strategy for asset diversification and liquidity," according to the filing.
Schulze considered a bid for the company earlier this year but never made a formal offer.
Minneapolis-based Best Buy Co. has been shuttering underperforming stores and revamping others to offset tough competition from discounters and online retailers. Under CEO Hubert Joly, the company has instituted a price-matching policy, opened more in-store areas for manufacturers such as Apple and Samsung and invested more to train employees.
The moves seem to be paying off. Last week Best Buy reported its second-quarter net income rose even as revenue fell slightly to $9.3 billion, better than expected results.
Shares slipped 60 cents to $35.21 during morning trading, closer to the high end of the stock's 52-week trading range of $34.81 to $35.43.