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Cathy Wurzer

Best Buy founder faces big hurdles in a takeover

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It appears Best Buy founder Richard Schulze is continuing his effort to buy back that company.

Since stepping down as chairman last month, Schulze has been recruiting executives and exploring how he could buy enough stock to make Best Buy a private company again. News of Schulze's plan caused Best Buy stock to jump yesterday, only to fall again within hours. The company is struggling financially. It closed 50 stores this year and faces increasing competition from online retailers.

MPR's Cathy Wurzer spoke with financial analyst R.J. Hottovy, who follows Best Buy for Morningstar.