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

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.
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  • Bye Bye BBY
    , contributor
    Comments (58) | Send Message
     
    The calm before the STORM. Cut 400 employees this week, in the next 90 days you can expect up to 2500 more. Without rev and with price match in place, the only way WALL STREET will respect the stock price is major expense cuts. The water cooler talk is that many employees want the severance package while BBY has the money in the bank to pay it.

     

    BYE BYE BBY
    28 Feb 2013, 04:03 PM Reply Like
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