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Best Buy founder to make $6 billion bid for the company

Written by Andre Yoskowitz (Google+) @ 13 Dec 2012 11:45 User comments (13)

Best Buy founder to make $6 billion bid for the company Best Buy founder Richard Schulze is preparing to make a fully financed offer to buy back the company for up to $6 billion.
The billionaire has a mid-December deadline for any bids.

Originally, in August, Schulze made an initial offer of $8.2 billion, with the added purchase of debt for another $2 billion. Since then, however, Best Buy shares have continued to fall and analysts always had doubts as to whether the original bid was even feasible.

The reports claim Schulze will meet with his top advisors this week.

Schulze founded the company in 1966 and remains a 20 percent owner.

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13 user comments

113.12.2012 12:23

Best Buy, going back to being family owned? lol

213.12.2012 13:19

Yeah, but the stores ran better, were cooler, and had better deals in the 90's while this guy ran it. So it sounds good to me.



313.12.2012 14:14

When I see a sinking ship on the water, my first thought is I don't want to buy it, let it sink. Then again I am no billionaire so what do I know...

413.12.2012 17:37

Originally posted by jookycola:
Yeah, but the stores ran better, were cooler, and had better deals in the 90's while this guy ran it. So it sounds good to me.
Tell me about it. I worked there for about 4 years through my college days, all during the Brad Anderson era. The guy diminished our employee discounts and during my last year our inventory bonus (for non-theft) was completely eliminated. Anderson also "streamlined" management in each store, which left many long time employees without jobs, and also increased the workload on others.

I can't even stand to walk in the place today for anything. And why would I want to pay $35 for a USB cable I can buy anywhere else for $10 or far less if I'm willing to wait to have it shipped via an e-tailer.

513.12.2012 19:11

Stores like Best Buy make me thankful that I actually know about technology and do my research before I buy. Even though my Best Buy purchases have come down to mainly video games and small ticket items occasionally I will find a good deal there. I feel sorry for the general consumer public that may not know as much because I still frequently find a bunch of poorly informed sales staff or cocky little punks working there. They sometimes flat out lie and give incorrect information to unsuspecting consumers just to make a sale. I cannot count how many times I have heard them do that and my wife hates it but I have actually spoken up with the factual information and called the little punks out on their lies. It was the same when I worked there in the late 90's and I would get in trouble for not selling the "extras" that were not really needed but overall I got more repeat customers based on my honesty and expertise than by cheating and lieing and I was not even in sales.


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613.12.2012 19:12

Originally posted by harhumph:
When I see a sinking ship on the water, my first thought is I don't want to buy it, let it sink. Then again I am no billionaire so what do I know...
My thoughts exactly. If you had 6 billion to throw around, why put it in Best Buy? Nostalgia?

713.12.2012 21:28

Originally posted by harhumph:
When I see a sinking ship on the water, my first thought is I don't want to buy it, let it sink. Then again I am no billionaire so what do I know...
Its easier to rebrand an exsising brand than make a new brand.

Copyright infringement is nothing more than civil disobedience to a bad set of laws. Lets renegotiate them.

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814.12.2012 9:15

Originally posted by SProdigy:
Originally posted by jookycola:
Yeah, but the stores ran better, were cooler, and had better deals in the 90's while this guy ran it. So it sounds good to me.
Tell me about it. I worked there for about 4 years through my college days, all during the Brad Anderson era. The guy diminished our employee discounts and during my last year our inventory bonus (for non-theft) was completely eliminated. Anderson also "streamlined" management in each store, which left many long time employees without jobs, and also increased the workload on others.

I can't even stand to walk in the place today for anything. And why would I want to pay $35 for a USB cable I can buy anywhere else for $10 or far less if I'm willing to wait to have it shipped via an e-tailer.
I totally agree he will not improve anything!

914.12.2012 18:42

More like Bust buy. Every time I go there I get annoyed by them, saying "Do you want this extra or this geek sqeek to help you?" I say no, and they ask me something else to try to get me to jack up the price. Bust buy rarely appeals to me, they rarely have deals better then Sears or Walmart even. I have no real reason to really go there.

This message has been edited since its posting. Latest edit was made on 14 Dec 2012 @ 18:45

CrimsonX

1014.12.2012 22:02

Originally posted by ZippyDSM:
Originally posted by harhumph:
When I see a sinking ship on the water, my first thought is I don't want to buy it, let it sink. Then again I am no billionaire so what do I know...
Its easier to rebrand an exsising brand than make a new brand.
But it isn't always better which is the point....

1116.12.2012 13:39

Originally posted by bigdan45:
Best Buy, going back to being family owned? lol
why is that so fuuny then it will be back to basics and you will find someone who might care like they did when they first started.

1217.12.2012 10:24

Went into the store over the weekend to get the kid a PC game for the first time in what must have been 9 month to a year... what a cluster f*k operation this franchise has become.

Not only has everything become a virtual console sales only, but 3 sales personnel couldn't tell me anything about the game I couldn't have deduced from the game box or what wasn't eventually gleaned from looking up online.

I.e., the basic consensus of what everyone was saying earlier about shopping elsewhere with an e-tailer. Including a snippy assed sales goon trying to convince me that the online store has no bearing on the sales floor (or that it's a completely different entity) than the brick & mortar. Funny, if the online database says the item is in 'your' store what am I to believe?

I blame part of it on the direction that society is going. The other half on some kind of inner being that is left like a rotting corpse that should have been upstanding "ETHICAL" force trying to make right all that it had wronged in the wake of amassing of his/her billions. But it seems we don't get those kinds of people any more.

Like that of Joseph P. Kennedy (JFK's dad). Guy should have gone to jail for the stunts he pulled in the stock market 'way' back in the day. But like children do today, he got away with it by basically saying they didn't have 'rules' saying he couldn't do it. So when he got out of the stock market (cause he was richer than god & didn't want any more competition) he ran for office & started closing all the loop holes & writing the rules.

All of the sudden we have ethics again.


1322.12.2012 16:16

Best Buy is only good for show-rooming, rarely buy little things there.


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