Richard Schulze appears to be backing off his bid to acquire Best Buy (BBY -0.7%) and will seek...

|About: Best Buy Co. (BBY)|By:, SA News Editor

Richard Schulze appears to be backing off his bid to acquire Best Buy (BBY -0.7%) and will seek his former position as the chairman of the board, according to The Minneapolis Star Tribune. The investor has until midnight tonight to organize a bid or he will have to wait until next year.