Best Buy founder may scrap takeover plan

Richard Schulze, the founder of Best Buy Co., is considering scrapping his plan to take over the company,

the

Wall Street Journal

reported.

Schulze has been working since last summer to find financing to take the company private but has not found enough support to finance the deal, the

Journal

article said.

Schulze may instead line up investors to take a larger minority stake in Best Buy, according to the

Journal

report. He currently owns about 20% and is the company’s largest shareholder, the article said.

If he decides to go with the alternative plan, the stake he acquires with the investor group would probably be separate from the stake he already owns, according to the

Journal

report. (Source:

Wall Street Journal,

Feb. 14, 2013.)