Business

Best Buy founder quits board, explores sale

By Mae Anderson
Published June 7, 2012 4:31pm ET
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Best Buy founder quits board, explores sale
FILE- This April 7, 2000, file photo, shows Richard Schulze, the founder and CEO of Best Buy talking with Alan Hauslander who works at the Richfield Best Buy in Richmond, Minn. Schulze, the founder and outgoing chairman of Best Buy, announced his resignation from the board Thursday June 7, 2012, and said that he and may sell off his 20.1 percent stake in the beleaguered electronics retailer. (AP Photo/The Star Tribune, Richard Sennott) MANDATORY CREDIT; ST. PAUL PIONEER PRESS OUT; MAGS OUT; TWIN CITIES | Richard Sennott

NEW YORK (AP) — The founder and outgoing chairman of Best Buy announced his resignation from the board Thursday and said he may sell off his 20.1 percent stake in the beleaguered electronics retailer.

It’s the latest news to hit the Minneapolis company facing increasing competition from online retailers and a CEO scandal, and it removes one obstacle for a possible private equity takeover of the company. Shares fell nearly 8 percent in morning trading.

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