MINNEAPOLIS—Richard Schulze, the founder of consumer electronics giant Best Buy, failed to make a bid by yesterday's deadline to secure control of the locally-based company.
In addition, talks to return Schulze to the company's board of directors collapsed, according to the Star Tribune.
Although Schulze didn't make a bid for Best Buy, at least two of the private equity groups that had been expected to partner with Schulze did made offers for the company, a source close to the situation who spoke on condition of anonymity told the newspaper. The Best Buy directors rejected those offers because they were unhappy with the terms, the source said, declining to provide details.
Schulze founded Best Buy by opening a single music store in 1966 in St. Paul. Today, the company employs 160,000 workers. Its Minnesota workforce totals approximately 8,000. See story in the Star Tribune.
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