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Best Buy founder Richard Schulze may scrap takeover plan

Thursday - 2/14/2013, 7:03am  ET

Richard Schulze, founder of electronics retailer Best Buy Co. Inc., is considering whether to scrap a plan to take over the struggling chain and instead line up investors to take a minority stake in the company, The Wall Street Journal reported.

Schulze has been working since last summer to secure financing to take Best Buy private but hasn't yet received enough support from banks to finance the deal. He is Best Buy's largest shareholder with a roughly 20 percent stake in the company.

© 2013 American City Business Journals, Inc.