Best Buy may go private

The founder of American retail chain Best Buy may end up taking the company private, according to a new report in The Wall Street Journal.

According to the report, founder Richard Schulze may try to take the company private after a few disastrous years.

Schulze remains the largest shareholder with about a 20% stake, but resigned as chairman earlier this month. The new report claims he doesn’t want to return as chief executive, a role he held for more than 30 years.

Shares in Best Buy have continued to tumble as it faces significant competition from online stores, and struggles with a downbeat economy. In the past five years, shares have fallen 25%, and in the past year, they’ve fallen 36%. They are now trading at $US19.80.

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