Best Buy shares fall on Schulze bid extension

Published on NewsOK Modified: December 14, 2012 at 4:04 pm •  Published: December 14, 2012
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A spokesman for Schulze declined to comment.

Best Buy Co. has been implementing a turnaround plan aimed at improving results as it faces tough competition from discounters and online retailers. In its most recent third quarter, it recorded a loss due to restructuring charges and continued weak sales.

Richard Schulze, 71, founded the company in 1966 and is its largest shareholder by far with a 20 percent stake. He has been considering a bid or selling his stake since resigning in June, following an investigation that led to the resignation of CEO Brian Dunn due to an inappropriate relationship with a female staffer.