Schulze to Sell Some Best Buy Shares

Schulze to Sell Some Best Buy Shares

Best Buyreported in an SEC fling yesterday that founder, former CEO, and chairman emeritus Richard Schulze has adopted a plan to sell an undisclosed amount shares of the company's common stock on the open market between Oct. 1, 2013, and March 2014. Shares of the company were down 2.21% today, but the stock has risen almost threefold since the beginning of the year, closing yesterday at $35.81.

The filing said the reason for Schulze's sale was "part of his personal long-term strategy for asset diversification and liquidity." Schulze owns 66 million shares of Best Buy (19.6% of the company), and at today's market prices, his holding is worth approximately $2.3 billion. Schulze will have not have control surrounding the timing of the sales over the course of the plan.

Last June, when the stock was trading around $20, news surfaced that Schulze was considering taking the company private, following its reporting its first annual net loss since 1991. However, he did not ultimately make a bid by the Feb. 28, 2013, deadline.

Best Buy is the world's largest retailer for specialty consumer electronics and Schulze founded the company in 1966 in West Saint Paul, Minn.


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