How to Save Best Buy From Extinction

Richard Schulze has offered to purchase Best Buy, but it's unclear what can be done to save the ailing retailer
A shuttered Best Buy store in Chicago Photograph by Scott Olson/Getty Images

Best Buy’s stock received a shot of adrenaline today following news that founder Richard Schulze offered to take the struggling big-box retailer private in a deal that values the company at about $8.5 billion. In a letter to the company’s board, Schulze writes that “bold and extensive changes are needed for Best Buy to return to market leadership.” He goes on to say that he’s performed “an extensive amount of work to develop a plan to address the company’s challenges,” but does not divulge specifics.

Aug. 6 (Bloomberg) -- Sheila Dharmarajan breaks down the numbers behind Best Buy founder Richard Schulze's offer to buy the company. She speaks on Bloomberg Television's "Money Moves." (Source: Bloomberg)

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